Heat the olive oil over medium heat in a 5 quart (or larger) pot or dutch oven. Add the onion, bell peppers, and jalapeño. Stir and cook for 5 minutes as the onion softens. Add garlic, salt, black pepper, cumin, chili powder, and onion powder. Stir and cook for 1 minute. Add the remaining ingredients including black beans, if using.

Place the lid on top, reduce heat to medium-low, and cook for 30 minutes, stirring occasionally.

Serve with any optional toppings. I strongly suggest cilantro for a little fresh kick. Yum!