Cut the red and green bell peppers in small cubes. Finely chop the onion and garlic. If your bacon is not precut, cut it in small cubes.
Heat 1 tbsp of oil in a large saucepan. Add the bacon and cook it until it gets some crispy bits. Add the onion and cook for a few minutes until it gets soft and translucent. Add the garlic and cook for about 30 seconds.
Add the minced beef to the saucepan and cook it continuously mixing until it is done and most of the liquid is gone. Then add tomato paste and chipotle. Cook it for a couple of minutes.
Add the canned tomatoes, beans, bell peppers, dried basil and oregano, chili flakes, salt and pepper. Bring it to a boil and simmer it for 20 minutes. If the chili gets to too dry, add a splash of water and keep cooking. Serve with rice.