Heat oil in a large pot on medium high heat. Sear the steak pieces until browned nicely on all sides.
Reserve about 1/2 cup red pepper for a topping, then add the remaining peppers and onion to the pot, stirring to coat with oil and cooking until slightly tender.
Add in the black beans, tomato juice, and spices.
Bring to a boil, then reduce to a simmer.
Cook for at least 30 min, or longer for a thicker chili.
Serve in bowls with toppings, or use chili to top hot dogs, fries or other chili favorites.