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

Stir in minced garlic and cook for an additional minute.

Add the ground beef to the pot, breaking it up with a spoon. Cook until browned and no longer pink, about 6-8 minutes. Drain excess fat if necessary.

Stir in black beans, kidney beans, corn, diced tomatoes, tomato sauce, and beef broth.

Add chili powder, cumin, paprika, salt, and pepper. Bring the mixture to a boil, then reduce heat to low and let simmer for 20-30 minutes, stirring occasionally.

Taste and adjust seasonings if needed. Serve hot, topped with shredded cheddar cheese and garnished with fresh cilantro.