Eating is one of the most important aspects of losing weight. The foods you choose play a key role in how successful your weight-loss efforts are, as well as how quickly you are able lose your desired number of pounds. Chili can be an effective weight-loss food if you select the most nutritious ingredients and eat it in place of higher-calorie and higher-fat fare. Howard M. Shapiro and Franklin Becker, authors of "Eat & Beat Diabetes With Picture Perfect Weight Loss," note that eating chili can help lower your cholesterol and increase your intake of many important nutrients.