Heat the olive oil in a large pot over medium heat. Add the diced onion and cook for 3 minutes until it starts to soften.
Stir in the minced garlic, diced bell peppers, and diced carrots. Cook for 5 minutes, stirring often.
Add the corn, black beans, kidney beans, diced tomatoes, and tomato paste. Sprinkle in the chili powder, cumin, and salt. Stir everything together.
Pour in the vegetable broth and bring the mixture to a gentle boil. Reduce the heat to low, cover the pot, and simmer for 20 minutes, stirring once or twice.
Ladle the chili into bowls and top each serving with shredded cheddar cheese and a few tortilla chips.