On medium heat, brown the ground beef in olive oil. Once cooked through, add onion and garlic. Cook until onions are translucent.
Add red peppers and continue cooking 4-5 minutes, stirring occasionally.
Turn heat down to low and add seasoning mixture, stirring frequently.
Meanwhile, in a food processor, blend half the diced tomatoes with tomato paste and chipotle peppers until smooth.
Add chipotle/tomato blend to the beef, then add remaining diced tomatoes, water and beans.
Bring to a boil, then turn down heat to low so chilli is simmering. Simmer for 45 minutes, stirring frequently.
Serve with shredded Monterey Jack cheese and a dollop of sour cream.