Combine the cornstarch, salt, black pepper, cumin, chili powder, cayenne pepper, garlic powder, oregano, and smoked paprika in a small bowl. Mix well.

Place the finely chopped beef in a large bowl. Season the meat with the prepared seasoning mix, ensuring every piece is evenly coated.

Heat 1 tablespoon of the canola oil in a large Dutch oven over medium-high heat. Working in batches if necessary, brown the beef pieces until nicely seared on all sides, about 5 minutes per batch. Transfer the browned beef to a plate and set aside.

Add the remaining tablespoon of canola oil to the Dutch oven and reduce the heat to medium. Stir in the chopped onion, red and green bell peppers, and minced garlic. Cook, stirring occasionally, for 2–3 minutes, until the vegetables begin to soften.

Return the browned beef to the Dutch oven along with any juices from the plate. Add the diced tomatoes with green chilies (including their juices) and the beef broth. Stir until everything is evenly combined.

Bring the mixture to a boil over medium-high heat. Once boiling, reduce the heat to low and simmer, uncovered, for 20–30 minutes. Stir occasionally, allowing the beef to become tender and the sauce to reduce and thicken slightly.

Taste the dish and adjust seasonings if needed and remove from the heat.

Serve hot, garnished with fresh cilantro and lime wedges on the side. Enjoy with rice, refried beans, black beans, warm tortillas, or tortilla chips.