Heat the olive oil in a large Dutch oven over medium heat.
Add the chopped onion and bell pepper, sautéing until they begin to soften, about 5–7 minutes.
Stir in the minced garlic, jalapeño, crushed thyme, chili powder, and cumin.
Cook for about 1 minute more, until fragrant.
Add the ground turkey to the pot. Break it up with a spoon and cook until browned, about 4–5 minutes.
Stir in the finely chopped tomatoes and tomato paste, cooking for another 2 minutes to meld the flavors.
Pour in the chicken broth and water.
Stir everything together and bring the mixture to a boil.
Once boiling, reduce the heat to low, cover the Dutch oven, and let it simmer for at least 2 hours. This slow simmer is key to developing a deep, rich flavor.
Season with salt and black pepper to your liking, then remove from the heat.
Serve hot, generously topped with shredded cheddar cheese.
Don't rush the simmer! The 2-hour cooking time is essential for tenderizing the turkey and allowing the spices to fully bloom and deepen.