In a large Dutch oven or a heavy-bottomed large pot, cook the chopped bacon until crispy over medium-high heat. Remove the crispy bacon with a slotted spoon to a plate lined with paper towel and set aside. Drain the excess bacon fat, leaving just a tablespoon of bacon drippings in the pan for a rich flavor base.
In the same pot, cook the ground beef, onion, and minced garlic over medium heat until browned. Drain any excess fat.
Add the sliced smoked sausage and crumbled cooked bacon to the pot. Stir and cook for a few minutes until the sausage is heated through.
Add the diced potatoes to the pot and stir to combine.
Stir in the kidney beans, black beans, corn, and diced tomatoes (with their juice).
Add the beef broth, chili powder, cumin, smoked paprika, salt, and black pepper. Stir to combine all the ingredients.
Bring the mixture to a simmer. Reduce the heat to low, cover the pot, and let the stew simmer for about 20-25 minutes, or until the potatoes are tender and the flavors are well combined.
Optional step: Stir in the shredded cheddar cheese.