In a large pot or Dutch oven, heat the vegetable oil over medium-high heat. Add the beef cubes and brown them on all sides, about 5-7 minutes. Remove the beef and set aside.
In the same pot, add the chopped onion, garlic, and bell pepper. Sauté until the vegetables are softened, about 5 minutes.
Stir in the diced tomatoes, beef broth, cumin, chili powder, paprika, oregano, salt, and pepper. Add the browned beef back into the pot along with the bay leaves.
Bring the mixture to a boil, then reduce the heat to low. Cover and simmer for about 2 hours, or until the beef is tender, stirring occasionally.
Once the beef is tender, stir in the lime juice and adjust seasoning if necessary. Remove the bay leaves before serving.
Serve hot, garnished with fresh cilantro.