Prep all the vegetables by chopping or mincing as directed above. In a large pot, add the olive oil over medium heat. Cook the onions and bell pepper for 3-4 minutes until they begin to soften. Add the garlic and squash, season everything with the chili powder and cayenne, and continue to cook for another 3-4 minutes. Now add the tomato sauce and vegetarian ground beef and cook until everything is well heated. Taste and add salt and pepper as needed.
I like my chili on the thick side, but if you find this is too thick for you, then simply thin it out with a little vegetable stock or water.
And on that note, I saved a few servings of this for later that week and I found that even after rewarming in a pot, the mixture was thicker than the original chili (or at least it seemed that way to me). So for the leftovers I did end up adding about 1/4 cup vegetable stock to each serving as I warmed it up again to get the consistency that preferred. If you don’t have stock on hand and don’t want to open a container again, you can simply use water.