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Heat the oil in a large pot to medium heat.
Add the onion and peppers and cook 2-3 minutes to soften.
Add the garlic and cook for 1 minute.
Add the ground beef and chorizo and break apart with a wooden spoon. Brown the meat for 5-6 minutes, stirring occasionally.
Stir in the chili powder, ground cumin, cayenne, salt and pepper to taste, and tomato paste. Cook 1-2 minutes to let the spices bloom.
Stir in the beef broth, tomatoes, and three cans of beans, and hot sauce to taste.
Bring to a boil, then reduce heat and simmer, uncovered, for at least 30 minutes to let the flavors mingle and develop. You can simmer longer if you’d like, up to 60 minutes.
Serve with your favorite chili toppings, like shredded cheddar cheese, spicy chili flakes, sour cream, chopped green onion, chopped cilantro or parsley, fritos or tortilla chips, or others.