Brown the meats together in a large pan with 1 tablespoon of the chili powder and drain, reserving some of the grease.
In a large-ish pot (3qt?) add the olive oil (or reserved fat from the meat), the diced onion, and peppers and sauté over medium-low heat until tender. 5-10 minutes. Add the garlic and cook a minute or two longer.
Add the water, the drained meat, the dried cilantro, dried oregano, cumin, and chili powder. Mix well. Bring to a low boil, reduce heat, and let simmer over low heat 5-10 minutes.
Add the tomato sauce and diced tomatoes. Bring back to a low boil then reduce and let simmer for 30-60 minutes or up to 4 hours. Taste every so often and adjust the seasoning if needed.
About a half hour before serving (see note) add the beans. Mix well, increase heat for a bit and then reduce to thicken. (If you add the beans too early, they just turn to mush.)