01 - Heat olive oil in a large pot over medium heat. Add diced onion and minced garlic; sauté until softened, approximately 3 minutes.
02 - Incorporate diced red and green bell peppers; cook for 5 minutes until slightly tender.
03 - Add ground beef; cook until browned, breaking it apart with a spoon, about 7 minutes. Drain excess fat if necessary.
04 - Stir in tomato paste, ground cumin, chili powder, smoked paprika, dried oregano, cayenne pepper (optional), salt, and black pepper. Cook for 2 minutes to release spice aromas.
05 - Add diced tomatoes, kidney beans, black beans, and broth. Bring mixture to a simmer, reduce heat, and cook uncovered for 25 to 30 minutes, stirring occasionally, until thickened.
06 - Preheat waffle iron according to manufacturer instructions.
07 - In a mixing bowl, whisk together cornmeal, all-purpose flour, granulated sugar, baking powder, and salt.
08 - In a separate bowl, beat eggs with whole milk, melted butter, and vegetable oil.
09 - Add wet ingredients to dry ingredients; stir gently until just combined to avoid overmixing.
10 - Lightly grease waffle iron. Pour batter per manufacturer’s recommended portion size. Cook until waffles are golden and crisp, approximately 4 to 5 minutes per waffle. Repeat with remaining batter.
11 - Plate chili over warm cornbread waffles. Garnish with desired toppings such as shredded cheddar cheese, sliced green onions, sour cream, and fresh cilantro.