On medium heat, add the oil, chili powder, cumin, paprika, and ancho chili powder. Stir and allow to heat until spices are fragrant, about 3-5 minutes (this may vary depending on your stovetop).
Once fragrant, add the rest of the ingredients EXCEPT the coconut milk and stir to combine. Turn up the heat to high. When the soup begins to boil, turn the heat to low, cover, and allow the soup to simmer for about 30 minutes.
After 30 minutes, turn off the heat and stir in the coconut milk. Then, serve with your preferred toppings.
Store leftovers in the fridge for 3-5 days or the freezer for 2-3 months.