In a large Dutch oven over medium high heat, add olive oil. When olive oil is hot, add onions and garlic and sauté until softened, about 3 to 4 minutes.
Add ground meat. Season with salt and pepper and cook until meat is browned, about 5 to 7 minutes.
Add red pepper, banana pepper and cook until peppers have softened, about 2 to 3 minutes. Stir in cinnamon stick, arrabiatta sauce, red and white kidney beans, raisins and lime juice. Bring to a boil.
Add the cocoa powder. Reduce heat to low and let chili simmer, covered, stirring occasionally, until thickened and flavours marry, about 45 minutes. Taste for seasoning and adjust as needed.