In a medium saucepan, heat the vegetable oil over medium heat.
Add the flour and whisk continuously for about 1-2 minutes until it turns golden brown.
Stir in the chili powder, ground cumin, paprika, garlic powder, and onion powder. Cook for an additional minute, continuing to whisk.
Gradually add the vegetable broth while whisking to prevent lumps from forming.
Simmer the sauce for about 10-15 minutes, or until it thickens. Season with salt and pepper to taste. Set aside.