Heat the 1 tablespoon olive oil in a large Dutch oven or heavy-bottomed pot over medium heat. Add the 1 pound 93% lean ground turkey and spread it across the bottom of the pot. Let it cook undisturbed for about 1 minute, then break it into small pieces with a wooden spoon or sturdy spatula. Cook for 5–7 minutes, stirring occasionally, until no pink remains and most of the liquid released by the turkey has evaporated.
Add 1 small diced yellow onion and 1 diced red bell pepper1 red bell pepper. Cook for 4–5 minutes, stirring occasionally, until the onion begins to look translucent and the bell pepper starts to soften.
Stir in the 3 cloves minced garlic and 1 tablespoon tomato paste. Cook for 1 minute, stirring constantly, until the garlic is fragrant and the tomato paste darkens slightly.
Add the 1 tablespoon chili powder, 1 teaspoon ground cumin, 1 teaspoon smoked paprika, ½ teaspoon dried oregano, ¼ to ½ teaspoon cayenne pepper, ½ teaspoon Morton kosher salt, and ¼ teaspoon freshly ground black pepper. Cook for 30 seconds, stirring constantly. If the mixture begins to stick, add a small splash of the measured chicken broth.
Pour in the 15 ounces low-sodium diced tomatoes with their juices, 8 ounces low-sodium tomato sauce, and 1 cup low-sodium chicken broth. Stir well, scraping the bottom of the pot to loosen any browned bits. Gently stir in the 15 ounces low-sodium black beans and 15 ounces low-sodium kidney beans.
Increase the heat to medium-high and bring the chili to a gentle simmer. Reduce the heat to low or medium-low and partially cover the pot, leaving a small opening for steam to escape. Simmer for 20 minutes, stirring occasionally.
Remove the lid and simmer for another 5–10 minutes, stirring occasionally, until the chili reaches your preferred consistency. If it becomes too thick, stir in a small amount of chicken broth or water.
Remove the pot from the heat. Stir in the 1 teaspoon freshly squeezed lime juice2 tablespoons chopped fresh cilantro, if using. Taste and adjust the salt, black pepper, cayenne pepper, or lime juice as needed. Serve warm with your choice of toppings.