01 - Heat olive oil in a large heavy pot over medium-high heat. Add beef cubes and brown on all sides, about 5 minutes. Remove beef and set aside.
02 - Add diced onion and both bell peppers to the pot. Sauté for 4 to 5 minutes until softened. Add minced garlic and cook for 1 minute.
03 - Stir in tomato paste and cook for 1 minute. Return browned beef cubes to the pot.
04 - Add diced tomatoes, beef broth, kidney beans, black beans, chili powder, cumin, smoked paprika, oregano, cayenne pepper if using, salt, and pepper. Bring to a boil, then reduce heat to low, cover, and simmer for 45 minutes, stirring occasionally.
05 - Meanwhile, in a bowl, combine cornmeal, all-purpose flour, sugar, baking powder, and salt. In a separate bowl, whisk together egg, milk, and melted butter. Add wet ingredients to dry and stir until just combined, avoiding overmixing.
06 - After chili has simmered for 45 minutes, uncover the pot. Drop spoonfuls (about 2 tablespoons each) of the cornbread batter evenly onto the surface. Cover and simmer on low for 20 to 25 minutes, or until dumplings are puffed and cooked through.
07 - Serve hot, garnished optionally with chopped cilantro, sour cream, or shredded cheese.