Set a 4-quart sauce pot over medium-high heat.
Add OLIVE OIL and heat until shimmering.
Add ONION, CARROTS, BELL PEPPERS, and GARLIC. Sauté for a few minutes until tender and fragrant, stirring as needed.
Stir in CHILI POWDER and CUMIN. Continue sautéing for a few more minutes, stirring as needed.
Stir in the BROTH, LENTILS, BEANS, TOMATOES, TOMATO PASTE, and remaining seasonings.
Increase the heat and bring everything to a boil. Then reduce heat, loosely cover, and simmer for 30 to 40 minutes until the lentils are soft and the chili thickens, stirring as needed.
Serve warm, garnished with your favorite chili toppings.
Refrigerate in an airtight container up to 5 days or 3 months in the freezer (longer if vacuum sealed).
