Heat oil in a heavy 6-quart pot over medium heat. Cook onion, bell peppers, jalapeno, garlic, and salt, stirring occasionally, until tender, about 10 minutes. Stir in chili powder, cumin, oregano, tomato paste, tomatoes, and water and simmer over medium-low heat, stirring occasionally, until thickened, about 20 minutes.

Drain beans, reserving liquid, and rinse under cold water. Add beans and 3/4 cup reserved liquid to chili and simmer, stirring occasionally, until heated through, 5 to 7 minutes.

Top each serving with sour cream, cheese, and cilantro (if using).