Sauté the Vegetables
In a large pot or Dutch oven, heat the olive oil over medium heat. Add the onion and garlic, and sauté until softened, about 3-4 minutes.
Add Remaining Vegetables
Add the red and green bell peppers, carrots, celery, and zucchini. Cook for another 5-7 minutes, stirring occasionally, until the vegetables begin to soften.
Add Beans and Tomatoes
Stir in the black beans, kidney beans, diced tomatoes, crushed tomatoes, and tomato paste. Mix well.
Season and Simmer
Add the vegetable broth, chili powder, cumin, smoked paprika, oregano, salt, pepper, and bay leaf. Stir to combine, then bring the mixture to a boil. Reduce the heat to low, cover, and let simmer for 30-40 minutes, stirring occasionally, until the flavors meld together.
Adjust Seasoning and Serve
Taste and adjust seasoning if needed. Remove the bay leaf before serving. Serve the chili hot, garnished with fresh cilantro and a lime wedge for added flavor.