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Make the red chile sauce. Add the guajllo chiles, ancho chiles, árbol chiles, and onion to a medium pot. Cover with water until they’re completely submerged and bring to a boil over high heat. Remove from heat, cover, and let it sit for 20 minutes to soften the peppers.
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Using a slotted spoon, transfer the softened chiles and onions into a large blender. Add in 1 cup of the chile-soaked water, the dried oregano, 1 teaspoon salt, garlic, and cumin. Blend until smooth. Add some of the beef broth from the meat ingredients as needed if the mixture is too thick for your blender. Set aside.
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Toss together the beef, flour, the remaining ½ teaspoon salt, and black pepper in a large bowl.
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Heat the oil in a large pot or Dutch oven over medium-high heat. Add in half of the meat and brown on all sides so they have a good sear, about 5 minutes. Transfer the browned beef into a bowl and repeat the process with the remaining uncooked meat.
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Add all the meat back into the pot, and add in the blended red chile sauce, broth, and bay leaf. Stir to combine and bring to boil. Reduce heat to simmer, cover, and cook for 45 minutes or until the meat is tender.
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Uncover, taste, and add more salt as necessary. Raise to medium heat and cook for another 15 minutes, until the sauce has reduced and thickened slightly. If you prefer a thicker sauce, cook longer.
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Discard bay leaves and serve with Mexican rice and beans.