In a large pot or dutch oven, over medium-high heat, add the olive oil, diced onions, and diced red bell peppers and sauté them until they have become softened.
Add the ground beef and brown it, breaking it into crumbles as it cooks. (Optional: drain any excess fat.)
Add the brown sugar, chili powder, garlic powder, ground cumin, onion powder, salt, and black pepper. Stir well to coat the meat and vegetables with the spices.
Reduce the heat to medium-low and let the chili simmer for at least 25 minutes, stirring occasionally. The longer it simmers, the more the flavors meld together.