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Heat oil in a Dutch oven set over medium-high heat.
Add the ground beef to the hot oil; season with salt and pepper, and cook until browned, breaking it up with a wooden spoon while it cooks.
Once browned, stir in the onions, bell pepper, and garlic.
Continue to cook for 4 minutes, or until veggies are softened.
Stir in chili powder, cumin, dried oregano, and paprika.
Add tomato paste; stir to combine and cook for 3 minutes.
Stir in the tomatoes.
Stir in the broth, scraping up any browned bits from the bottom of the pot.
Add bay leaf and bring chili to a steady simmer; reduce heat and continue to simmer for 25 to 30 minutes, stirring occasionally. Please note that, at this point, you can let the chili cook for 3 to 4 hours, as long as there is enough liquid. If you would like to cook it for longer, make sure to add more liquid to the pot, 1 cup at a time, stirring occasionally. Water is OK to use for the extra liquid.
Remove from heat.
Remove bay leaf and taste for salt and pepper; adjust accordingly.
Ladle into bowls; garnish with cheese, jalapenos, sour cream, and cilantro.