Heat the olive oil in heavy large pot over medium-high heat. Add the carrots, onion, red bell pepper and jalapeños and sauté until the onion and carrots are almost tender, about 8 minutes. Add all the remaining ingredients.
Bring to a boil. Reduce the heat to medium-high and cook, uncovered, until the bulgur is tender and the mixture thickens, stirring often, about 20 minutes.
Ladle chili into bowls and serve. You might like to sprinkle a little cheese on top!
Bulgur is also called "cracked wheat." It's available at most supermarkets and natural food stores.