Heat olive oil in a large pot over medium heat.
Add onion, bell peppers, and jalapeño. Cook for 5 to 7 minutes until softened. Stir in garlic and cook for 30 seconds until fragrant.
Add tomato paste, chili powder, cumin, smoked paprika, oregano, onion powder, and cayenne pepper. Cook for 1 minute.
Add diced tomatoes, black beans, vegetable broth, salt, and black pepper. Stir well.
Bring the stew to a simmer, cover, and cook for 25 to 30 minutes until the flavors combine and the mixture thickens.
Lightly mash some of the beans with the back of a spoon to create a thicker, creamier texture.
Stir in fresh cilantro and lime juice. Taste and adjust seasoning if needed.
Serve warm with rice, avocado, tortilla chips, or your favorite toppings.