Heat the oil in a large pot over medium heat. Add the turkey and season all over with salt and pepper. Cook for 8-10 minutes until mostly cooked through.
Cook the Aromatics:
Add the onion and peppers to the pot and cook, stirring regularly until softened. Season with salt, pepper, chili powder, cumin, paprika, and cayenne powder.
Add the Liquid:
Pour in the chicken stock and bring to a boil.
Simmer the Chili:
Add the tomatoes, black beans, and wild rice. Taste and season again with salt and pepper. Reduce heat to low, cover partially, and cook for 45 minutes until the rice is tender. Add more liquid as necessary if the rice absorbs too much. Taste and season again to your preferences.
To Serve:
Once the rice is tender, turn off the heat. Ladle the chili into bowls and garnish with cilantro, cheddar, and a lime wedge if desired. Enjoy!