Heat the olive oil in a large pot over medium-high heat.
Add the onion, garlic, bell peppers, and jalapeno pepper. Cook, stirring occasionally, until vegetables are softened, about 5 minutes.
Stir in the cumin, smoked paprika, and chili powder. Cook for 1 minute.
Add the vegetable broth, tomatoes, and green chilies. Bring to a boil, then reduce heat and simmer for 20 minutes.
Using an immersion blender, blend the soup until smooth.
Stir in the black beans and heavy cream and cook for an additional 5 minutes.
Season with salt and pepper to taste.