In a large saucepan, heat the olive oil over medium heat and sauté the onions until translucent, about 4 to 6 minutes.

Sprinkle chili powder on the beef, add the beef to the onions, and cook it, breaking it up with a fork as it browns, about 10 minutes.

Add the tomatoes, peppers, onion powder and garlic powder and simmer for 20 to 25 minutes.