Heat a large pot on medium high heat. Add the ground meat and brown meat until no longer pink. Drain the liquid from the meat once it has finished cooking and set aside.
Lightly drizzle olive oil on the bottom of the pot to coat. Add onions and peppers and cook a few minutes until just starting to soften. Add the garlic, stir, and cook another 1-2 minutes until fragrant.
Stir in the chili powder and cocoa powder until vegetables are coated. Then add the remaining ingredients, stirring to combine. Bring to a low boil, reduce heat and simmer for at least 2 hours, stirring occasionally. The longer it simmers the better the flavors blend and the chili becomes nice and thick.
Taste and adjust seasonings. If you want more heat, add more chili pepper or cayenne pepper. When ready to serve, top with your favorite garnishes.