In a stockpot over medium heat, brown the meats. When they are halfway done, add in the onion and garlic and continue to saute until the onions are clear. Add tomato juice, tomatoes, chile powder, cumin, salt, and cayenne pepper and thoroughly stir to blend and incorporate all the flavors and seasonings. Simmer for 1 hour.
Add the beans and simmer for 30 minutes. Remove from heat; cool down quickly via an ice bath. Cover and refrigerate. Before serving or freezing, skim fat from the top of the chili.