Heat oil in a large heavy-bottomed saucepan over medium-high heat. Add onions and cook until translucent – approximately 5 minutes. Add garlic and sauté until golden brown – approximately 2 minutes. Add chopped tomatoes, kidney beans, black beans, green chiles, and bay leaf and stir to combine.
Add ketchup, raisins, cranberries, broth, tomato paste, cumin, chili powder, coriander, celery salt, thyme leaves, paprika, cinnamon, allspice, cloves, brown sugar, Worcestershire, and chili flakes.
Bring to a simmer and cover. Let simmer gently for 20 minutes. Remove bay leaf and stir in salt and pepper. Garnish with red and yellow bell peppers and serve.