Preheat your oven to 400°F (200°C).
In a mixing bowl, combine all the meatball ingredients: ground beef, breadcrumbs, Parmesan cheese, cilantro, egg, garlic powder, cumin, salt, and pepper. Mix until well combined.
Shape the mixture into meatballs, about 1 inch in diameter, and place them on a baking sheet.
Bake the meatballs in the preheated oven for about 15 minutes or until browned and cooked through.
While the meatballs are baking, heat olive oil in a large soup pot over medium heat. Add diced onion, garlic, and bell pepper, and sauté for about 5 minutes until soft.
Stir in the black beans, corn, diced tomatoes, chicken broth, chili powder, smoked paprika, and salt. Bring to a simmer.
Once the meatballs are done, carefully add them to the soup. Simmer for an additional 10 minutes, allowing the flavors to meld together.
Serve hot, garnished with your choice of avocado, sour cream, cheese, and lime wedges.