01 - Heat olive oil in a large pot over medium-high heat. Add ground beef and cook until browned, breaking it up with a wooden spoon, about 6 to 8 minutes.
02 - Add onion, garlic, and bell peppers to the pot. Sauté until softened, about 5 minutes.
03 - Stir in chili powder, cumin, smoked paprika, cayenne, black pepper, and salt. Cook for 1 minute until fragrant.
04 - Mix in tomato paste and cook for another minute to deepen the flavor.
05 - Add crushed tomatoes, kidney beans, black beans, beef broth, oregano, and brown sugar. Bring to a simmer.
06 - Reduce heat to low, cover, and let simmer for 45 minutes, stirring occasionally. Taste and adjust seasoning if needed.
07 - Preheat your waffle iron according to manufacturer's instructions.
08 - In a large bowl, whisk together flour, cornmeal, sugar, baking powder, baking soda, and salt.
09 - In a separate bowl, whisk together milk, eggs, melted butter, and sour cream until smooth.
10 - Pour wet ingredients into the dry ingredients and mix until just combined. Do not overmix.
11 - Lightly grease the waffle iron. Pour batter into the preheated waffle iron, about 1/2 to 2/3 cup per waffle, and cook according to manufacturer's instructions until golden and crisp, about 4 to 5 minutes per batch.
12 - Place a cornbread waffle on each plate, spoon hot beef chili over the top, and garnish with desired toppings.