Heat the olive oil in a large pot over medium heat. Add the diced onion and cook until softened, about 5 minutes.
Add the minced garlic and cook for another minute.
Add the ground turkey and cook until browned, breaking it up with a wooden spoon as it cooks.
Stir in the chili powder, cumin, paprika, salt, and black pepper. Cook for another 2 minutes.
Add the diced tomatoes, kidney beans, black beans, and chicken broth. Bring to a boil, then reduce the heat and simmer for 30 minutes.
Serve hot, garnished with your favorite toppings like shredded cheese, sour cream, or chopped cilantro.