Heat the vegetable oil in a large skillet over medium heat. Add the chopped onions and garlic, sautéing for about 3 minutes until they become translucent.
Add the ground beef to the skillet, breaking it up with a spatula. Cook until browned, about 5-7 minutes. Drain excess fat if necessary.
Stir in the diced tomatoes, chopped red and green bell peppers. Cook for another 5 minutes until the peppers begin to soften.
Incorporate the diced potatoes into the mixture along with the beef or vegetable broth, ground cumin, dried oregano, and bay leaf. Season with salt and pepper to taste.
Bring the mixture to a boil, then reduce the heat to low. Cover and simmer for about 20-25 minutes, stirring occasionally until the potatoes are tender and cooked through.
Add the frozen peas and stir well. Cook for an additional 5 minutes until the peas are heated through.
Remove the bay leaf before serving. Adjust seasoning if necessary.
Notes
Serve in a deep dish, garnished with fresh chopped cilantro. Enjoy with warm tortillas or over rice for a complete meal.