In a large pot, heat the olive oil over medium heat. Add the chopped onion and garlic and sauté until they become translucent.
Add the chopped red and yellow bell peppers and sauté for a few more minutes until they soften.
Stir in the black beans, kidney beans, diced tomatoes, vegetable broth, tomato paste, chili powder, cumin, paprika, oregano, cayenne, salt, and pepper. Bring the mixture to a boil, then reduce the heat to a simmer. Cover and cook for about 20-25 minutes.
While the chili is simmering, cook the elbow macaroni according to the package instructions until al dente. Drain and set aside.
In a separate saucepan, heat the plant-based milk over medium heat. Add the shredded vegan cheddar cheese, nutritional yeast, garlic powder, onion powder, salt, and pepper. Stir until the cheese is fully melted and the sauce is smooth.
Combine the cooked macaroni and the cheese sauce, mixing until the macaroni is well coated with the cheesy sauce.
Gently add the mac and cheese to the chili and combine. Or serve mac and cheese with a generous portion of chili on top.
Serve your Vegan Chili Mac and Cheese with a garnish with more shredded vegan cheese, chopped fresh cilantro, green onions, or vegan sour cream if desired.