Heat a large skillet over medium-high heat. Add the olive oil and ground beef (or turkey). Break the meat apart with a spatula as it cooks. Brown the meat until fully cooked, about 5-7 minutes. Drain excess fat if necessary.
Sauté the Vegetables:
Add the diced onion, garlic, and bell pepper to the skillet. Stir frequently and sauté for 3-4 minutes, or until the onion becomes translucent.
Season the Meat:
Add the chili powder, cumin, paprika, garlic powder, onion powder, cayenne pepper (if using), salt, and black pepper to the skillet. Stir to coat the meat and vegetables evenly with the spices.
Add Tomato Paste and Liquid:
Stir in the tomato paste, ensuring it blends well with the meat mixture. Pour in the beef broth (or water), stirring to create a slightly thick sauce. Let the mixture simmer for another 5-7 minutes, allowing the flavors to meld together.