Heat olive oil in a large pot over medium heat. Add the chopped onion and sauté until tender, about 5 minutes.
Add minced garlic, chopped bell pepper, and carrots to the pot. Cook, stirring often, until the vegetables begin to soften, about 5 minutes.
Stir in the diced tomatoes, kidney beans, black beans, chili powder, cumin, and paprika. Bring the mixture to a simmer.
Reduce the heat to low and let the chili simmer, covered, for about 30 minutes, stirring occasionally.
Season with salt and black pepper to taste before serving. Enjoy your vegetarian chili!