Heat olive oil in a large pot over medium-high heat. Cook and stir hot and mild Italian sausage, onion, and a pinch of salt in hot oil until sausage is browned and crumbly, and most of the liquid is evaporated, about 10 minutes.

Stir in ancho chile powder, paprika, cumin, black pepper, chipotle chile powder, and oregano; sauté until fragrant, about 2 minutes.

Pour in water and tomato purée; bring to a simmer. Reduce heat to medium-low and cook at a steady simmer until sausage is tender, about 45 minutes. Add more water as needed and skim any fat that floats to the top.

Stir in beans and bell peppers. Simmer until vegetables are tender, about 30 minutes. Season with salt.