In a large heavy pot over medium heat, warm 2 tablespoons olive oil. Add the onion and cook until softened, about 5 minutes. Stir in the bell pepper and cook another 3 to 4 minutes. Add a small drizzle of olive oil if needed, then stir in the garlic, chili powder, smoked paprika, cumin, oregano and cayenne. Cook for 1 minute, until fragrant.