Pat the chicken thighs dry and season with salt and pepper. Heat the olive oil in a large stock pot or Dutch Oven and brown the chicken on medium high heat, about 4 minutes per side. Once it is browned, remove to a plate. It will not be cooked through.
Saute the onion, peppers, and garlic in the same pot on medium low, until the vegetables are translucent and beginning to brown, about 5 minutes.
Pour the chicken broth into the pot and place the chicken thighs back in. Cover the pot and cook for 20 minutes on medium, until the chicken is cooked through. Remove the chicken thighs again and allow to cool slightly. Remove the meat from the bone and shred with two forks. Discard the skin and bone, or save for another use.
Add the meat back into the pot, along with the beans, salt, pepper, and chili powder. Simmer for 10 minutes until the beans are tender. Check for seasoning.
To serve, ladle into bowls and top with desired toppings. Eat immediately.