Trim the beef and cut it into 1-inch cubes. Dry the pieces with paper towels. Season the beef with adobo seasoning and salt and pepper.
Heat the vegetable oil in a large pot or Dutch oven to medium heat. Add the beef, onion, peppers and sofrito. Cook for 5 minutes to brown the meat.
Add the garlic and cook another minute, until you can smell the gorgeous garlic blooming.
Stir in the oregano, 1 teaspoon salt, ½ teaspoon pepper, tomato sauce, water, achiote oil, olives, capers, and bay leaves.
Bring to a boil, then reduce the heat to low and simmer for 30 minutes. Taste and adjust for salt and pepper.
Add the potatoes and carrots. Bring to a boil, then reduce the heat. Cover and simmer for another 30 minutes, or until the beef is fall apart tender. The liquid should reduce and concentrate.