Heat the oil in a Dutch oven over medium heat. Add the onion, bell pepper, and garlic and cook, stirring, until tender, about 3 minutes.
Add the beef and cook, breaking up the meat with the edge of a spoon until cooked through and no longer pink, 5 to 7 minutes. Drain off excess fat and return to the dutch oven.
Add the salt, pepper, garlic powder, cumin, oregano, chili powder and bay leaves and cook, stirring, to toast the spices, about 2 minutes.
Add the white wine and stir to combine. Reduce by half, about 2 minutes, then add the broth, tomato sauce, olives, and capers. Stir to combine and bring to a rapid simmer.
Once simmering, reduce the heat to light simmer, add the diced potato, stir to combine and then cook, simmering over low heat and covered, for all of the flavors to meld and for everything to really stew and get very tender, about 2 hours, stirring occasionally throughout the process.
I serve mine over cilantro lime rice, with some plantain chips and a little bit of hot sauce over the top.