Step 1

Cook bacon in a pot or Dutch oven over medium heat until crisp; transfer to a paper towel-lined plate. Reserve 2 tablespoons drippings in pot.

Step 2

Heat reserved drippings (or 2 tablespoons olive oil) in pot over medium until shimmering. Add onions, bell peppers, chipotles, chili powder, tomato paste, garlic, coriander, cumin, and oregano, and cook, stirring occasionally until vegetables are tender and beginning to brown, about 10 minutes.

Step 3

Increase heat to medium-high, add sirloin and cook, breaking up with a spoon, until browned, 3–4 minutes.

Step 4

Add tomatoes and broth and bring to a boil. Reduce heat to medium-low, cover, and simmer 1 hour, stirring occasionally.

Step 5

Remove lid, stir in beans and water and simmer, stirring occasionally, until chili is rich, dark, and slightly thickened. Stir in lime juice, and season with salt and pepper to taste.

Step 6

Serve with desired toppings.