Bring a large pot of salted water to a boil. Add the elbow macaroni and cook until just al dente, about 7-8 minutes. Drain the pasta and set it aside.
Heat 2 tablespoons of olive oil in a large skillet over medium-high heat. Add the ground beef or turkey. Break it up with a spoon as it cooks. Season with salt, pepper, chili powder, cumin, garlic powder, and onion powder. Continue cooking until the meat is browned and cooked through, about 5-7 minutes.
Stir in the drained kidney beans, black beans, and the can of diced tomatoes with green chilies. Pour in 1 cup of beef or chicken broth to create a saucy base. Simmer everything together for about 5 minutes so the flavors meld and the liquid reduces slightly.
Remove the skillet from heat. Add the cooked pasta to the chili mixture and stir until everything is well combined.
Preheat your oven to 375°F (190°C). Transfer the pasta and chili mixture into a 9x13-inch baking dish. Sprinkle the shredded cheddar and Monterey Jack cheese evenly over the top.
Bake uncovered for 20-25 minutes or until the cheese is melted, bubbly, and golden brown on top. For an extra crispy cheese topping, switch your oven to broil for the last 2 minutes—just watch carefully to avoid burning.
Once out of the oven, let the bake rest for 5 minutes. Garnish with fresh cilantro if desired. Serve warm and enjoy a dish that’s both hearty and comforting.