Heat olive oil in a large pot over medium heat.
Add chopped onions and bell peppers.
Cook until softened, roughly 10 minutes.
Stir in the minced garlic and let it sauté for about one minute until fragrant.
Add ground turkey, breaking it up with a spoon, and cook until browned, about 7-10 minutes.
Mix in chili powder, cumin, cayenne pepper, salt, and black pepper.
Cook for another 5 minutes to let the spices bloom.
Add tomatoes, beans, and tomato paste.
Stir thoroughly and bring to a simmer.
Reduce heat to low, and let it simmer for at least an hour, stirring occasionally.