Heat olive oil in a large stockpot over medium heat. Sauté the diced onion until it softens and becomes fragrant, about 5 minutes. Add minced garlic and cook for an additional minute, allowing the aromatics to infuse the oil with their flavor.
Add beef stock, fire-roasted tomatoes, chopped red peppers, and dried chilies (or chipotle peppers) to the pot. Stir in ground cumin, salt, and black pepper. This mixture lays the foundation for the soup's deep, smoky flavor profile.
Add chopped potatoes, carrots, and beef chunks to the pot. Stir everything together until the ingredients are evenly distributed. Bring the soup to a gentle simmer over medium heat.
Cover the pot and reduce the heat to low. Allow the soup to simmer for about 40 minutes, or until the beef is tender and the vegetables are fully cooked. Stir occasionally to ensure everything cooks evenly.
Once done, remove and discard the dried chilies if they've been left whole. Taste the soup and adjust the seasoning with extra salt, pepper, or cumin as needed. For a deeper flavor, simmer uncovered for an additional 5–10 minutes.
Ladle the hot soup into bowls and top with your favorite garnishes like diced avocado, fresh cilantro, or crushed tortilla chips. Squeeze a lime wedge over for a burst of brightness.