In a small bowl, mix together the chili paste ingredients and set aside.
Cook the bacon pieces until crispy. Remove to a paper towel-lined plate and dice when cool. Reserve 3 tbsp of bacon grease.
In a Dutch Oven, add 1 Tbsp of bacon grease and half of the beef stew meat. Cook until browned, add salt and pepper and remove to a bowl. Add another 1 tbsp of bacon grease and the other half of the stew meat and salt and pepper. Cook until browned and remove to the bowl.
Add the final tablespoon of bacon grease along with the diced onion and cook until soft, about 2 minutes. Add the garlic and jalapeños and cook another minute.
Add the chili paste, stir well and cook 1-2 minutes.
Now add the beef back to the pot, as well as the beef broth, tomato sauce, diced tomatoes, lime juice, sugar, diced bacon and about 1 tsp of salt.
Bring to a boil, then turn the heat down to low and cover. Cook for one hour at a low simmer, stirring occasionally.
After an hour, remove the lid and add the cornstarch slurry and the red kidney beans. Cook, uncovered, for another thirty minutes until the chili has thickened. Taste for seasoning. OPTIONAL: add 1 tsp each of chili powder and sugar to brighten the chili.
Serve topped with shredded cheddar and diced red onion.
