Heat 2 tablespoons of the oil in a large, wide, deep skillet or a Dutch oven over medium heat. Add the steaks, in batches if necessary, and sear for about 5 minutes on each side, until nicely browned. You can cut the steaks if needed to fit more into the pan in a single layer, as they will get shredded at the end anyway. Add the water to the pot, then add the carrots, celery, onion, bay leaves, cumin, and salt and pepper. Bring to a simmer over medium-high heat, then lower the heat and simmer, uncovered, for about 2 hours, or until the meat is very tender. If the cooking liquid seems to be reducing too quickly, add another cup or two of water. Remove the meat to a dish or cutting board to rest, and strain the broth. Discard any solids, return the broth to the pot, and continue to simmer until reduced to about 2 cups.
While the meat cools and the cooking liquid reduces, in another large deep skillet or Dutch oven, heat the remaining 2 tablespoons oil over medium heat. Add the garlic, the red, orange or yellow, and green bell peppers, and the sliced red onion. Season with salt and pepper and saute, stirring often, for about 10 minutes until the vegetables are tender and a bit browned along the edges. Stir in the cumin.
When the meat is cool enough to handle, use your fingers or two forks to shred it into thin shreds. Add the meat to the sauteing vegetables, along with the oregano, and 1 to 2 cups of the reduced cooking liquid (save the rest for another use, or add more if you want a looser consistency). Stir in the tomatoes, olives, and capers, and bring to a simmer. Adjust the heat so the stew stays at a gentle simmer and cook, stirring often, for about 20 minutes until it smells so good you know it’s ready. Taste and adjust seasonings as needed. Add more broth if needed, and serve hot, with rice, lime wedges, and hot sauce, if desired.
Notes
This stew can be kept in a refrigerated container for up to 5 days. You can also freeze the ropa vieja; put it in freezer proof sealable bags, press out excess air, and make sure to label them. You can freeze ropa vieja for up to 9 months. Defrost in the fridge and reheat in a baking dish covered with foil in a preheated 300-degree oven for about 25 minutes, stirring occasionally. Or heat it in a pot, stirring frequently, over low heat until it is hot throughout, about 15 minutes. You may want to add some more beef broth to loosen up the stew; if you have been super smart, you may have saved some of the reduced cooking broth from simmering the meat and can use that with all of its great seasonings.