Add beef to a large saucepan and cook on medium heat.
Break the meat up with a wooden spoon as you brown.
Once meat is no longer pink, pull it out of the pan and place it on a paper towel lined plate to remove any excess grease, leaving grease in the pan (if there isn’t enough grease left, add some vegetable oil).
Add onions and bell peppers. Cook until onions are translucent and soft.
Add garlic, cayenne pepper, cumin, paprika, and oregano. Stir until fragrant (about 1 minute).
Add meat back to pan with salt, pepper, diced tomatoes, chicken broth, and bay leaves.
Bring contents of the pan to an aggressive simmer, and simmer uncovered for 1 hour, 45 minutes to 2 hours — or until the sauce is thick (see note below).