Heat a large pot over medium-high heat. Add the beef and cook, breaking it up as it cooks, for 15 minutes until completely browned and cooked through. Season all over with salt and pepper and transfer to a bowl.

If the pot seems dry, add 1 tablespoon of neutral oil and turn the heat to medium. Add the onion, bell peppers, and jalapeño. Cook for 8–10 minutes until the onion and peppers soften. Season with salt and pepper.

Melt the butter into the vegetables and add the chili powder, cumin, paprika, garlic powder, and cayenne powder. Cook for 1 minute until fragrant.

Return the meat to the pot and toss to combine. Add the tomato paste and cook, mashing it into the beef until it deepens in color and sticks to the bottom of the pot, 3–5 minutes.

Pour in the water or stock and scrape up anything stuck to the bottom of the pot. Add the chopped green chilies, crushed tomatoes, beans, and brown sugar. Taste and adjust the seasonings to your preference. Bring to a boil and then reduce the heat. Simmer for at least 45 minutes, stirring occasionally, until the chili is thick.

After the chili finishes simmering, taste and season it again to your preferences.

Ladle the chili into bowls or pile on top of baked potatoes. Enjoy with your favorite garnishes, like sour cream, radishes, avocado, or grated cheese. Enjoy!