Heat the olive oil in a large pot over medium heat.
Add the diced onion and cook until translucent, about 5 minutes.
Add the minced garlic and cook for another minute.
Add the crumbled vegan chorizo and cook until browned, about 5-7 minutes.
Stir in the diced tomatoes, black beans, kidney beans, and vegetable broth.
Add the chili powder, cumin, smoked paprika, salt, and pepper. Stir well to combine.
Bring the mixture to a boil, then reduce the heat and let it simmer for 30 minutes, stirring occasionally.
Adjust seasoning with salt and pepper to taste before serving.