Heat 1 tablespoon of olive oil in a large skillet or Dutch oven over medium-high heat. Add the ground beef, breaking it up with a wooden spoon. Season generously with salt and pepper. Cook until the beef is fully browned and no pink remains, about 6-8 minutes. Drain off any excess grease, leaving about 1 tablespoon behind in the pan.

Reduce the heat to medium. Add the diced onion and bell pepper to the skillet. Sauté for 5-7 minutes, stirring often, until the vegetables soften and the onion becomes translucent.

Push the vegetables aside and add the minced garlic to the pan. Cook for 60 seconds until fragrant. Sprinkle in the ground cumin and dried oregano. Stir and cook for another minute until spices are fragrant.

Return the browned beef to the pan. Stir in the tomato sauce, beef broth, chopped green olives, and bay leaf. Add raisins or capers if using.

Bring to a slow simmer over medium-low heat. Reduce to low, cover partially, and simmer for 20-30 minutes, stirring occasionally, until the sauce thickens and flavors meld.

Remove the bay leaf. Taste and adjust seasoning. Finish with a splash of white wine vinegar or lime juice. Serve hot over white rice.