Heat olive oil over med high heat in a large soup pot. Once heated, add n chopped onion and cook for 5 minutes stirring often. Once onions are tender, add in the minced garlic and stir for one minute,
Add in ground beef and all the dry ingredients and stir well. Once beef is cooked through, add in the tomato paste and stir until the paste is well combine.
Add in the serrano pepper, tomatoes, green chilis and cilantro and mix well. Add in the water and better then bouillon paste and stir. Cover chili and bring to a boil. Once it hits a boiling point, turn heat down to medium.
Meanwhile, roast your red an green peppers either on a gas stove burner, or under a broiler. Once roasted and skin is completely black, cut open and let cool for 10 minutes. Peal the black skin off the peppers and discard. Remove the seeds and ribs from the peppers and discard. Chop peppers up nicely and add to the chili.
Drain the beans into a strainer and rinse until all the canned juice is removed. Add the beans into the chili and stir well.
Juice one half of a lime ad add to the chili. Mix well, cover and simmer for 2 hours.