Heat olive oil in a large pot over medium heat.
Add chopped onion and sauté until translucent, about 5 minutes.
Stir in the garlic, red and green bell peppers, and cook for another 3-4 minutes.
Mix in the corn and diced potatoes, allowing them to heat through, about 2 minutes.
Pour in the broth, stirring to combine all ingredients, then bring to a simmer.
Add the heavy cream, chili powder, smoked paprika, salt, and pepper; stir well.
Let the soup simmer for an additional 15 minutes, stirring occasionally.
Taste and adjust the seasoning if necessary before removing from heat.
Serve hot, garnished with fresh cilantro.