Place ground beef, onions, and peppers in a large, deep skillet. Cook over medium-high heat until evenly brown. Drain, crumble, and set aside.
In large pot over high heat combine meat mixture, beans, diced tomatoes, tomato paste, hot sauce, red pepper flakes, and chili powder. Add water until it reaches desired consistency. Bring to a boil, then reduce heat to low. Simmer for about 1 hour.