Heat the olive oil in a large pot over medium heat. Add the onion and garlic; cook and stir until the onion has softened and turned translucent, about 5 minutes.
Stir in the black beans, vegetable broth, cumin, and chili powder. Bring to a boil; reduce heat to low and simmer for 15 minutes.
Puree the soup with an immersion blender until smooth.