Gather the ingredients.
Heat the olive oil in a large Dutch oven or soup pot over medium heat. When the oil shimmers, add the onion and garlic. Sauté for 1 to 2 minutes.
Add the sweet potatoes, carrots, and bell pepper, if using, to the pot and cook until the vegetables begin to soften, 5 to 6 minutes.
Reduce the heat to medium-low. Add the black beans, tomatoes, vegetable broth, chili powder, cumin, cayenne, garlic powder, salt, and pepper. Stir to combine.
Simmer the chili, partially covered and stirring occasionally over medium-low heat, for 20 to 25 minutes, until the flavors have mingled and the sweet potatoes, carrots, and bell peppers are tender.
Serve in a bowl with desired chili toppings.
