Heat a large pot on medium heat and add the olive oil.
To the pot, add green and red bell peppers, onion, garlic and jalapeno. Stir. Add the ground beef and stir.
To the pot, add oregano, chipotle chili powder, pasilla chili powder, chili powder, and stir.
Add the cut tomatoes, tomato sauce, water, black beans and stir.
Next add the cumin, granulated garlic, onion powder, salt, pepper, red pepper flakes, masa flour, and stir.
Let simmer for about 45 minutes or until the desired consistency is met. Stir as the chili simmers.
Serve warm topped with cheddar cheese, sour cream, onions, and avocado.