Heat olive oil in a large pot over medium heat. Add diced onions and minced garlic, cooking until fragrant and translucent, about 3-4 minutes. Stir in chopped bell peppers and carrots and sauté until softened, about 5 more minutes.

Sprinkle chili powder, cumin, and smoked paprika over the vegetables. Stir to toast the spices lightly, releasing their aromas. Add chopped smoked turkey bacon and cook for about 4 minutes until it imparts a smoky flavor.

Pour in the drained black beans and kidney beans along with fresh diced tomatoes. Add vegetable broth and vegetarian Worcestershire sauce (natural) for extra depth. Stir well and bring to a gentle simmer.

Cover the pot and simmer the chili for 20-30 minutes, allowing the flavors to meld. Stir occasionally and dissolve the natural gelling agent in a little broth, then add it gradually to thicken the chili to your preferred consistency.

Add sweet corn kernels and season with salt and pepper to taste. Cook for an additional 5 minutes, then remove from heat. Sprinkle fresh chopped cilantro on top before serving.