In a medium saucepan, whisk together the ketchup, apple cider vinegar, Worcestershire sauce, Dijon mustard, maple syrup, liquid smoke, smoked paprika, garlic powder, onion powder, black pepper, salt, and chili powder.
Place the saucepan over medium heat. Bring the mixture to a gentle simmer, stirring occasionally to prevent sticking.
In a small bowl, mix the cornstarch with 2 tablespoons of water to create a smooth slurry. Slowly pour the slurry into the simmering sauce while whisking constantly.
Continue to simmer for 5–7 minutes, stirring frequently, until the sauce thickens to your desired consistency.
Remove from heat and let the sauce cool slightly. Transfer to a jar or airtight container. Store in the refrigerator for up to 2 weeks.