Heat the olive oil in a large pot over medium heat. Add the diced onion and minced garlic, cooking for 2-3 minutes until the onions are soft and fragrant.
Add the ground beef to the pot and cook for 5-7 minutes, breaking it apart as it browns completely.
Next, stir in the drained black beans, diced tomatoes with their juices, tomato paste, chili powder, cumin, smoked paprika, oregano, and water. Mix until well combined.
Cover the pot with a lid and bring the chili to a simmer. Let it simmer for about 15 minutes, stirring occasionally, allowing the flavors to meld and the liquid to reduce slightly.
After simmering, taste the chili and adjust the seasoning with more salt, if necessary. Serve with your favorite toppings and enjoy!