Heat olive oil in a large pot over medium heat.

Add diced onion and cook until softened, about 5 minutes.

Add minced garlic and cook for another 30 seconds until fragrant.

Add ground turkey to the pot and cook, breaking it up with a wooden spoon, until browned and no longer pink, about 5-7 minutes.

Stir in chili powder and cumin, cooking for another minute to toast the spices.

Add drained and rinsed kidney beans, black beans, and diced tomatoes to the pot. Stir to combine.

Pour in the chicken broth and bring the mixture to a simmer.

Reduce heat to low, cover the pot, and let the chili simmer for 20-25 minutes, stirring occasionally.

Taste and adjust seasoning with salt and pepper as needed.

Serve hot, optionally garnished with shredded cheese, sour cream, or chopped cilantro.