Heat oil in large, heavy-bottomed pot over medium-high heat. Add beef; season with Adobo. Cook, breaking up meat with spoon, until browned, 7-10 minutes.
Add onions, peppers and garlic to pot; Cook until onions are soft and translucent, about 5 minutes.
Stir in chili powder and cumin, cooking until fragrant, about 2 minutes more.
Stir in remaining ingredients, breaking up tomatoes with spoon. Bring liquid to boil, reduce heat to low, and simmer, uncovered, stirring occasionally, until tomatoes break down, chili thickens and flavors come together, about 30 minutes. Serve warm.