In a large pot heat 1 tbsp olive oil over medium heat. Once pot is warm, add beef. Cook and season with salt and pepper. Once fully browned, drain and push to side.
Next, pour remaining 1 Tbsp olive oil on the empty side of the pot. Add onions, red bell pepper, green bell pepper and garlic. Sauté about 5 minutes or until onions and peppers are tender.
Pour in diced tomatoes, tomato sauce, broth, jalapeno sauce and seasonings. (Also add rice and 2 cups of water – if you choose to cook in same pot). Bring to a boil, then reduce heat to low, cover and simmer, stirring occasionally, 30 minutes.