Heat the olive oil in a large Dutch oven or pot over medium heat. Add the chopped onion and jalapeño and cook until softened, about 5-7 minutes. Add the minced garlic and cook for another minute until fragrant.

Stir in the chili powder, cumin, oregano, and smoked paprika. Cook for about 30 seconds, stirring constantly. This step is crucial as it toasts the spices and deepens their flavor.

Pour in the chicken or vegetable broth, the rinsed pinto beans, and the can of fire-roasted tomatoes (with their juices). Stir everything together and bring to a simmer.

Reduce the heat to low. Use an immersion blender to blend about one-third of the soup directly in the pot until it's partially creamy. Alternatively, carefully transfer about 2 cups of the soup to a regular blender, blend until smooth, and stir it back into the pot.

Let the soup simmer for at least 15 more minutes to allow the flavors to meld. Turn off the heat and stir in the fresh cilantro and a generous squeeze of lime juice. Season with salt and pepper to taste. Serve hot with your favorite toppings!