Heat the oil in a large pot over medium heat. Add the chopped carrots and onion and sauté until the carrots are nearly tender, about 6–8 minutes.
Stir in the garlic, chili powder, oregano, cumin, smoked paprika, and paprika. Cook for 2 minutes, stirring constantly, until fragrant.
Add the beans, vegetable stock, corn, tomato paste, and sugar if using. Stir well to combine.
Bring the chili to a boil, then reduce heat to low. Cover and simmer for about 20 minutes, stirring every 5 minutes to prevent sticking.
Taste and adjust seasoning as needed. Add salt to taste and more cumin or chili powder if you want extra heat.
Serve hot with your favorite toppings.