Heat the olive oil in a large pot or Dutch oven over medium heat.
Add the diced onion to the pot and cook until softened, about 5 minutes.
Stir in the minced garlic and cook for another minute until fragrant.
Add the diced bell peppers and jalapeño peppers to the pot and cook for another 5 minutes, until the peppers are softened.
Pour in the green enchilada sauce, diced green chilies, cannellini beans, and corn kernels into the pot.
Season the chili with ground cumin, chili powder, salt, and pepper. Stir well to combine all the ingredients.
Bring the chili to a simmer and let it cook for about 15-20 minutes, stirring occasionally, until it thickens slightly and the flavors meld together.
Taste and adjust the seasoning with more salt and pepper if needed.
Once the chili is ready, remove it from the heat and let it cool slightly before serving.
Ladle the Vegetarian Green Chili into bowls and garnish with chopped fresh cilantro, diced avocado, shredded cheese, sour cream, and a squeeze of lime juice if desired.
Serve the chili hot and enjoy the comforting flavors of this hearty and nutritious dish!