Pat the stew meat dry with paper towels and cut into uniform 1.5-inch cubes. Season generously with salt and pepper.

Heat the olive oil in a large Dutch oven over medium-high heat. Sear the meat in batches for 3-5 minutes per side until caramelized. Remove browned meat and set aside.

In the same Dutch oven, reduce the heat to medium. Sauté the chopped onion for 5-7 minutes until translucent, then add minced garlic and chopped bell peppers. Cook for an additional 3-5 minutes.

Stir in the ground cumin, dried oregano, and optional cayenne pepper. Cook for 1 minute to release their flavors.

Add the beef broth and undrained green chilis. Return the browned meat and juices, and bring to a gentle simmer.

Cover and let it cook on low heat for 2-3 hours, stirring occasionally.

Ladle the stew into bowls, garnish with fresh cilantro, and serve with rice, tortillas, or crusty bread.