Begin by measuring out all the spices and preparing the onion, jalapeño pepper, serrano pepper, and garlic.
Place a large Dutch oven over medium heat and add the vegetable oil. When the oil is hot, add the onion, jalapeño, and serrano. Sauté for about 6 to 8 minutes, or until the onion is soft and translucent. Then add the garlic and sauté for about 2 minutes more.
Add the ground beef, breaking it up into small pieces while mixing together with the sautéed vegetables, and lightly season the mixture with salt and pepper. Cook, stirring occasionally, until the meat is mostly browned.
Sprinkle the flour over the meat mixture and stir it through. Cook, continuing to stir, for about a minute. Then sprinkle in the chili powders, spices, and sugar, and give the mixture another stir. Cook, still stirring, for another minute or two.
Pour in the tomato juice and the chopped tomatoes, along with their juice. Give the mixture another good stir and bring to a boil.
Turn the heat down to medium low and simmer the chili, uncovered, for about 1½ to 2 hours or until it has thickened and become noticeably darker in color. Toward the end of the cooking time, add the beans and give them a long enough simmer to warm through.
Season to taste with salt and pepper, and then serve with all of your favorite chili toppings and accompaniments.