In a large pot or Dutch oven, cook bacon over medium high heat until cooked through. Set aside on a plate lined with a paper towel. Keep about 1½ T of bacon grease, and drain any excess.
To the pot with bacon grease, add the onion and bell pepper, and cook through over medium to medium high heat until softened and onion is translucent, about 5 minutes.
Add garlic and cook no longer than 30 seconds. You want the garlic to be fragrant, but any longer, it may burn so keep a close eye on it.
Add in ground beef, breaking it into pieces with a spatula as you cook. Continue cooking over medium to medium high heat until it is partially browned with a little pink left.
Into the the beef mixture, add in brown sugar, spices (chili powders, paprika, cumin, onion powder, black pepper, salt, cayenne) and stir until combined.
Add in remaining ingredients of beef broth, beer, kidney and black beans, green chilis, chipotle peppers, tomato paste, Worcestershire, and liquid smoke. Stir well to combine.
Add bacon back into chili and bring to a boil for about 2 minutes, stirring frequently.
Reduce heat and simmer, uncovered, for 30 minutes. Stir the chili occasionally throughout. The flavors will really develop and the chili will thicken during this time.
Serve with your favorite toppings of choice!