In a large pot or Dutch oven, heat the olive oil over medium heat.
Add the onion and saute about 5 minutes until soft and slightly translucent.
Add the garlic and saute about 30 seconds.
Add the bell peppers and saute about 2 minutes.
Add the tomato sauce, black beans with the reserved liquid, green chiles, cumin, chili powder, and oregano to the pot.
Stir the ingredients to combine, then simmer 10 minutes, stirring occasionally, until heated through.
Add a squeeze of lime juice and salt, to taste.
Ladle the chili into bowls. Serve with lime wedges, diced avocado, and tortilla chips, if desired.
Notes
When draining the canned black beans, reserve ½ cup of the liquid from the cans. Do not rinse the beans.
If you are following a low-sodium diet, choose no salt added beans and tomato sauce.
Leftover chili can be covered and refrigerated for up to 3 days or frozen for up to 3 months. Defrost overnight in the refrigerator before reheating on the stove or in a microwave.