01 - Heat olive oil in a large pot over medium heat. Add onion and garlic; sauté until softened, about 3 minutes.
02 - Add red and green bell peppers; cook for 5 minutes until slightly tender.
03 - Add ground beef; cook until browned, breaking it up with a spoon, about 7 minutes. Drain excess fat if needed.
04 - Stir in tomato paste, cumin, chili powder, paprika, oregano, cayenne, salt, and black pepper. Cook for 2 minutes to bloom spices.
05 - Add diced tomatoes, kidney beans, black beans, and broth. Bring to a simmer, reduce heat, and cook uncovered for 25–30 minutes, stirring occasionally, until thickened.
06 - Meanwhile, preheat your waffle iron.
07 - In a bowl, whisk together cornmeal, flour, sugar, baking powder, and salt.
08 - In another bowl, beat eggs with milk, melted butter, and vegetable oil.
09 - Add wet ingredients to dry ingredients; stir just until combined. Do not overmix.
10 - Lightly grease the waffle iron. Pour batter in, using manufacturer's instructions for amount. Cook until golden and crisp, about 4–5 minutes per waffle. Repeat with remaining batter.
11 - Serve chili hot over cornbread waffles. Add desired toppings.