In a large heavy pan, heat the oil over medium heat. Add the red onion and bell pepper and sweat for 5 to 7 minutes. Add the turkey and cook, breaking it up with a wooden spoon, until cooked through, about 3 minutes. Stir in the chili powder, cumin, and salt. Add 1/3 cup of water, stir, and cook until turkey is completely cooked through and water has cooked off, 3 minutes more. Remove from the heat.