Trim away the fat and membrane from the meat and cut into 1-inch cubes. Season the meat with 1 tablespoon each of salt and pepper and set aside.
Heat the oil in a large Dutch oven. Toss in the bacon and cook over medium-high heat til brown and crispy. Scoop out the bacon and drain on some paper towels. (The bacon is only for flavoring the oil in the pot, so feel free to eat up all the crispy bits while you cook.) Keep the bacon fat in the pan and add the beef in batches. Cook each batch for about 3 minutes, stirring the pieces around til browned. Scoop each batch out into a bowl when it's done.
Toss the onions, green peppers, and jalapenos into the pot and stir them around in the pan juices, scraping up all the tasty brown bits clinging to the bottom and sides of the pot. Season the veggies with a generous pinch of salt and pepper, and cook till soft. Add the garlic and cook for 1 minute more. Dump all the meat and any accumulated meat juices into the veggies. Add the broth, tomatoes, bay leaves, cinnamon stick, chilies, cumin, and brown sugar and give everything a good stir. Cover the pan and bring to a boil; then crack the lid, turn down the heat to low, and simmer for 1 1/2 to 2 hours, or till the beef is nice and tender but still holds its shape.
Finish the chili by adding the oregano, lime juice, and cilantro. Fish out the cinnamon stick and the bay leaves, then check the seasonings and add a bit more salt and pepper if you like. Ladle the chili out into bowls and top with some shredded Cheddar cheese and chopped red onions. It's lip-tinglin' good. FEEDS 8 TO 12
