Heat olive oil in a large pot over medium heat. Add diced onion and sauté until translucent, about 5 minutes.

Add minced garlic, bell pepper, carrots, and zucchini. Cook for another 5-7 minutes until vegetables are tender.

Stir in the black beans, kidney beans, diced tomatoes, and tomato sauce.

Add chili powder, cumin, smoked paprika, salt, black pepper, and cayenne pepper. Stir well to combine.

Bring to a simmer, reduce heat to low, and let cook for 20 minutes, stirring occasionally.

Taste and adjust seasoning if necessary. Serve hot, garnished with avocado and cilantro.