Heat the oil in a large pot or Dutch oven over medium-heat. Season the cubed beef with salt and pepper, then sear the meat on all sides until browned, about 5 minutes.
While the meat is cooking, add the onion, jalapeno and serrano (if using), garlic, tomatoes, 1.5 cups beef broth, Mexican oregano, cumin, and salt and pepper to a blender or food processor. Blend until smooth.
When the meat is browned to your liking, pour in the remaining ½ cup beef broth to deglaze the pan. Scrape up any browned bits from the bottom of the pan (these browned bits have lots of flavor).
Pour the seasoned tomato sauce into the pan. Bring the mixture to a boil, then reduce heat to low.
Add the bay leaf and diced potatoes. Cover and simmer 45-60 minutes, or until the beef and potatoes are tender to your liking. You can simmer longer if you’d like.
Remove the bay leaf. Stir in chopped cilantro and lime juice. Taste and adjust for salt and pepper.
Serve! It’s great over steamed rice and warmed tortillas.