Heat olive oil in a large pot over medium heat. Add diced onion and garlic, and sauté until softened.

Add bell pepper, carrots, and zucchini to the pot. Cook for 5-7 minutes, stirring frequently.

Stir in black beans, kidney beans, diced tomatoes, tomato sauce, chili powder, cumin, smoked paprika, salt, black pepper, and cayenne pepper.

Bring the mixture to a boil, then reduce heat and let simmer for 25-30 minutes, stirring occasionally.

Taste and adjust seasonings if needed. Serve hot, garnished with fresh cilantro.