01 - Heat olive oil in a large pot over medium heat. Add diced onion and minced garlic; cook until softened, approximately 3 minutes.
02 - Add diced red and green bell peppers to the pot and cook for 5 minutes until slightly tender.
03 - Incorporate ground beef, cooking until browned and broken into small pieces, roughly 7 minutes. Drain excess fat if needed.
04 - Stir in tomato paste, ground cumin, chili powder, smoked paprika, dried oregano, cayenne pepper, salt, and black pepper. Cook for 2 minutes to release flavors.
05 - Add diced tomatoes, kidney beans, black beans, and broth. Bring mixture to a simmer, then reduce heat and cook uncovered for 25 to 30 minutes, stirring occasionally until thickened.
06 - While chili simmers, preheat the waffle iron according to manufacturer instructions.
07 - In a mixing bowl, whisk together cornmeal, all-purpose flour, granulated sugar, baking powder, and salt.
08 - In a separate bowl, beat eggs with whole milk, melted unsalted butter, and vegetable oil until smooth.
09 - Pour wet ingredients into dry ingredients and stir gently just until combined; avoid overmixing to maintain light texture.
10 - Lightly grease the waffle iron. Pour batter using the manufacturer's recommended quantity. Cook until waffles are golden and crisp, about 4 to 5 minutes. Repeat with remaining batter.
11 - Place warm cornbread waffles on plates and ladle hot beef chili on top. Garnish optionally with shredded cheddar, sliced green onions, sour cream, and fresh cilantro.