01 - Heat olive oil in a large Dutch oven over medium-high heat. Add beef cubes and brown evenly on all sides, approximately 5 minutes. Remove beef and set aside.
02 - In the same pot, add diced onion, red bell pepper, and green bell pepper. Sauté for 4 to 5 minutes until softened. Add minced garlic and cook for 1 minute.
03 - Stir in tomato paste and cook for 1 minute. Return the browned beef to the pot.
04 - Add diced tomatoes, beef broth, kidney beans, black beans, chili powder, cumin, smoked paprika, oregano, cayenne pepper if using, salt, and pepper. Bring to a boil, then reduce heat to low. Cover and simmer for 45 minutes, stirring occasionally.
05 - Combine cornmeal, flour, sugar, baking powder, and salt in one bowl. In another bowl, whisk together egg, milk, and melted butter. Add wet ingredients to dry and stir just until combined without overmixing.
06 - After 45 minutes of simmering, uncover the chili. Drop spoonfuls of cornbread batter (about 2 tablespoons each) evenly over the surface.
07 - Cover the pot and simmer on low heat for 20 to 25 minutes until dumplings are puffed and fully cooked.
08 - Ladle chili with dumplings into bowls and serve hot. Garnish optionally with chopped cilantro, sour cream, or shredded cheese.