01 - Heat olive oil in a large pot over medium heat. Add the diced onion and minced garlic, sautéing until softened, approximately 3 minutes.
02 - Add the diced red and green bell peppers and cook for 5 minutes until slightly tender.
03 - Incorporate ground beef and cook until fully browned, breaking up the meat with a spoon. Drain excess fat if necessary, about 7 minutes.
04 - Stir in tomato paste, ground cumin, chili powder, smoked paprika, dried oregano, cayenne pepper if using, salt, and black pepper. Cook for 2 minutes to release the spices' aroma.
05 - Add diced tomatoes, kidney beans, black beans, and broth. Bring to a simmer, reduce heat, and cook uncovered for 25 to 30 minutes, stirring occasionally, until thickened.
06 - Preheat the waffle iron following the manufacturer’s instructions.
07 - In a mixing bowl, whisk together yellow cornmeal, all-purpose flour, granulated sugar, baking powder, and salt.
08 - In a separate bowl, beat the eggs, then add whole milk, melted butter, and vegetable oil, whisking until blended.
09 - Pour wet ingredients into the dry mixture and stir gently just until combined to avoid overmixing.
10 - Lightly grease the waffle iron. Pour the recommended amount of batter onto the iron and cook until golden and crisp, approximately 4 to 5 minutes per waffle. Repeat with remaining batter.
11 - Ladle hot beef chili over the cornbread waffles and garnish with desired toppings such as shredded cheddar cheese, sliced green onions, sour cream, or fresh cilantro.