Begin by patting the beef or lamb stew meat dry with paper towels; season generously with salt and black pepper.

In a Dutch oven, heat olive oil over medium-high heat; add seasoned meat in batches and sear for 3–5 minutes per side.

Lower the heat and add chopped yellow onion; sauté for 5–7 minutes until translucent, then add garlic and bell peppers for another 3–5 minutes.

Add ground cumin, dried oregano, and cayenne pepper; cook for 1 minute to let spices bloom.

Pour in beef or chicken broth; scrape the bottom of the pot, stir in green chilies and reserved meat, then bring to a gentle simmer.

Cover and reduce heat to low; simmer for 2–3 hours until meat is fork-tender and flavors meld.

Adjust seasoning as desired; serve hot, garnished with fresh cilantro.