Heat the vegetable oil in a large pot over medium heat. Add the meat in a single layer and season with salt and pepper to taste. You may need to work in batches.
Cook for 4-5 minutes per side or until the beef is browned.
Remove the beef from the pot and cover to keep warm.
Place the onions, poblano peppers and jalapeno peppers in the pot. Season the vegetables with salt and pepper.
Cook for 5-6 minutes or until vegetables have softened.
Add the garlic and cook for 30 seconds.
Place the spice mixture in the pot. Cook for 1 minute, stirring constantly.
Add the beef back to the pot along with the tomato sauce, chipotle pepper, beef broth and bay leaf.
Stir everything together and bring to a simmer.
Cook uncovered over low heat for 3 hours, stirring every 20 minutes, until a thick stew forms and the beef is tender.
If the chili is too thick before the beef is done, you can add more beef broth or water, 1/4 cup at a time.
Taste and add more salt and pepper if desired.
Serve immediately with toppings such as onions, cheese, avocado and tortilla chips.