Heat the vegetable oil in a large pot over medium heat. Add the ground beef, diced onion, and minced garlic. Cook until the beef is browned and the onion softens, breaking up the meat as it cooks.
Stir in the chili powder, cumin, cayenne pepper, salt, and black pepper. Cook for one minute to toast the spices.
Add the drained corn, diced tomatoes, and beef broth. Stir everything together until well combined.
Bring the mixture to a simmer. Reduce the heat to low, cover the pot, and cook for 20 minutes, stirring once or twice.
Taste and adjust salt or pepper if needed before serving.