Heat the oil in a large Dutch oven over medium-high heat.
Add the onion and cook, stirring often, for 3 minutes.
Add the bell pepper and cook, stirring often for 5 minutes.
Add the minced garlic, chili powder, oregano, cumin, basil, paprika, and cayenne pepper. Cook, stirring constantly, for 30-45 seconds.
Add the diced tomatoes and their juices along with the black beans, pinto beans, corn, and vegetable broth.
Add the bay leaf, sugar, and season with a bit of sea salt and freshly cracked pepper, to taste. Stir to combine and cover with a lid and simmer for 90 minutes, stirring occasionally.
Taste the chili then add more salt and pepper if needed.
Ladle into bowls and serve with tortilla chips, shredded cheddar cheese, green onions, sour cream, and hot sauce. Enjoy.