Using a deep fry pan or a cast iron pan, cook your diced bacon and rounds of chorizo for 2-3 minutes on Medium-Low heat until cooked through. Then remove all of the meat from the pan.
Optional: Remove roughly 1/2 the leftover bacon fat/oil from the pan. Skip this step if you don't mind the extra flavour and don't care about cholesterol.
In the same pan add your onions and minced garlic. Cook for 1 minute on low heat.
Add in Capsicums and green olives. Cook for roughly 1 minute or until capsicums have slightly softened.
Add in canned tomatoes, white vinegar, brown sugar, tomato sauce or hot sauce, thyme, smoked paprika, cumin, onion powder, black pepper and salt. Mix everything until combined.
Drain and rinse black beans and kidney beans and add into your pan.
Optional: For a smoother and thicker sauce use an immersion blender or regular blender and blend 1/3 to 1/2 of the mixture.
Add back in the chorizo and bacon and bring the pan up to a low simmering heat. Let simmer for roughly 5-10 minutes on the stove.
Taste for salt and spices. Sprinkle with feta and chilli flakes if using. Eat over toast or rice.