Start by placing a Dutch oven on the gas stove and set the flame to medium-high heat. Add one tablespoon of olive oil to it. I would recommend using light olive oil as the cooking process requires high heat.
Once the oil is hot enough, add ground beef to it. Season it with salt and pepper, and cook it until the color turns brown. Keep stirring and breaking the beef with the help of a spoon while cooking.
Once the beef is done, add in the onions, and stir it. Then add jalapeno, diced bell peppers, and minced garlic and cook it until the vegetables become soft.
Add the seasonings to the Dutch oven after the veggies are done. Add the chili powder, paprika, black pepper powder, cumin and cook for about one minute.
Add the tomato paste and combine thoroughly. Cook it for about three to four minutes while stirring it in between. Then add the tomato puree or chopped tomatoes and stir the mixture.
Add in the beef stock, and combine well with the beef and tomato mixture. Scrape off the bottom of the Dutch oven with the ladle to remove everything from the bottom of the pot.
Add the bay leaf and bring the mix to a boil.
Lower down the heat to maintain a steady simmer. Keep it like that for about thirty minutes. If you are using chunks of beef in the recipe, you can let it cook for as long as three to four hours. Just make sure to maintain the level of liquid in the pot not to burn the chili. It is okay to use water to maintain the extra liquid.
Once done, switch off the flame and remove the pot from the stove. Check the chili for salt and pepper and remove the bay leaf.
Pour the chili into bowls and garnish with the cheese, sour cream, chips, scallions, and any other toppings of your choice. Serve it hot.