Into a large soup pot over medium-high heat, add the olive oil. When the oil is hot, add the onion. Cook, stirring frequently for 3 minutes, until softened.
Add the garlic and continue cooking for an additional 30 seconds.
Add the chorizo, using a spatula to break up large clumps, and continue cooking for about 5 minutes, until set and texture is crumbly. Turn the heat down to medium.
Into the pot, add the drained black beans, drained kidney beans, pumpkin puree, undrained tomatoes, tomato paste, and water. Stir to combine.
Season with chili powder, salt, cumin, onion powder, smoked paprika, garlic powder, and black pepper.
Reduce the heat to low then cover and simmer for 30 minutes, stirring occasionally. then serve hot.