Heat the oil in a stock pot over medium heat. Add the onion, bell peppers, garlic, jalapeño & taco seasoning and mix to combine. Cook down for 5 minutes, stirring frequently.
Add in the rest of the ingredients (through the green onion), stir and bring to a boil. Cover, lower the heat and simmer for 20-25 minutes, or until the rice and lentils are cooked through. I like to stir it once or twice while it's cooking.
Remove the lid and add the lime juice and a small handful of cilantro. Taste and adjust the seasonings as needed.
To serve, ladle the chili into bowls and add avocado, cilantro and green onions. Serve with chips and lime wedges.
Video
Notes
Depending on the taco seasoning you use, you will want to use more or less to avoid the chili getting too salty. Start with less and add more as needed.
You want the lentils and rice to be cooked, but not mushy. So, be sure not to overcook them!
When you first add everything to the pot it will look like there's wayyyy too much liquid, but don't worry, the lentils & rice will absorb most of it.
If you want a more soupy consistency, you can add 1-2 more cups of broth after the lentils & rice finish cooking.