In large Dutch oven over medium heat, brown the ground round.When meat is nearly done, add olive oil and allow to heat.Add onion and green peppers to meat.Stir and cook about five minutes, stirring frequently.Pour in tomatoes, tomato paste, and water.Stir to mix well and add chili powder, cumin, salt, and pepper.Stir to mix well and bring to a boil.Turn down to a simmer and add beans.Stir and cook about 45 minutes on medium-low, stirring frequently.Serve with grated cheese, chopped onions, frito chips, sour cream.