Heat the olive oil in a large pot over medium heat. Add the onion and cook for 5 minutes until it softens.
Stir in the garlic and red bell pepper. Cook for 2 minutes until fragrant.
Add the corn, black beans, and fire-roasted tomatoes. Pour in the vegetable broth.
Mix in the smoked paprika, cumin, chili powder, salt, and black pepper. Bring the soup to a boil, then reduce to a simmer.
Cook uncovered for 15 minutes to let the flavors blend. Remove from heat and stir in the lime juice.
Ladle into bowls and top with chopped cilantro before serving.