Heat the oil in a large skillet over medium heat. (I like to use my giant caldero for this recipe.) Add the diced onion and bell peppers. Cook, stirring occasionally, until the onion is translucent and the peppers have softened, about 5 to 8 minutes. Stir in the minced garlic and cook for about 1 minute, or until fragrant.

Meanwhile, use a slotted spoon to remove the tomatoes from the can, reserving the juice for another use if you'd like. Roughly chop the tomatoes and add them to the skillet. Cook, stirring occasionally, for another 3 to 5 minutes.

Increase the heat to medium-high. Push the vegetables to the sides of the skillet and add the ground beef to the center so it can brown. Cook, breaking the meat into crumbles as it cooks, until no longer pink. Stir the vegetables into the beef.

Add the oregano, cumin, Spanish olives, white vinegar, bay leaves, and red wine. Season with salt and pepper to taste. Cook for about 3 minutes, until most of the liquid has reduced, then cover and reduce the heat to medium-low. Simmer for 20 minutes, stirring occasionally.

Taste and adjust the seasoning if needed. Remove the bay leaves before serving over rice, or use the picadillo as a filling for empanadas or stuffed bell peppers.