Heat oil in a large pot over medium heat. Sauté the onion and garlic until fragrant and translucent, about 3-4 minutes.
Add diced beets, bell pepper, and jalapeño. Cook until vegetables are tender, approximately 15-20 minutes.
Add black beans, vegetable broth, diced tomatoes, chili powder, and cumin to the pot.
Bring mixture to a boil, then reduce heat and simmer for 15-20 minutes until flavors blend and beets are fully tender.
Season with salt to taste and serve hot.