Heat olive oil in a large heavy-bottomed pot or Dutch oven over medium heat.
Add smoked sausage slices and cook, stirring occasionally, until browned and slightly crispy, about 5-7 minutes. Remove sausage and set aside, leaving the rendered fat in the pot.
Add chopped onion, green bell pepper, and red bell pepper to the pot. Cook, stirring frequently, until vegetables are softened and onion is translucent, about 5-7 minutes, scraping up browned bits from the pot bottom.
Add minced garlic and cook for 30 seconds until fragrant, avoiding burning.
Pour in undrained diced tomatoes and tomato sauce; stir to combine and deglaze the pot.
Add rinsed and drained kidney and pinto beans; stir to mix.
Add uncooked long-grain white rice and stir to distribute evenly.
Pour in chicken broth, ensuring all ingredients are submerged.
Stir in chili powder, smoked paprika, cayenne pepper, dried oregano, black pepper, and salt. Taste and adjust seasoning as needed.
Return browned sausage to the pot and gently incorporate.
Bring mixture to a boil over medium-high heat. Reduce heat to low, cover tightly, and simmer for 20-25 minutes until rice is tender and liquid is absorbed.
Check for doneness; if rice is still undercooked or liquid remains, continue simmering a few more minutes.
Remove pot from heat and let sit, covered, for 5-10 minutes to steam rice.
Fluff rice with a fork before serving.
Serve hot, optionally garnished with chopped green onions and hot sauce.