Heat 1 tablespoon of the oil in a large stock pot or Dutch oven over medium heat. Add the kielbasa and cook, undisturbed, until browned and crisp, about 2 minutes per side. Transfer to a plate.
Heat the remaining 1 tablespoon oil in the same pot over medium heat. Add the beef in a single piece and sear, undisturbed, until browned, about 3 minutes. Flip and sear the other side until browned, about 2 to 3 minutes. Break the block into 4 pieces and continue to cook for another minute or so, then break into small crumbles. Transfer the meat to a plate–don’t worry if it’s not cooked through.
If the pot is dry, add another drizzle of olive oil. Add the onions, carrots, and bell pepper and cook, stirring occasionally, until softened, about 5 minutes. Add the garlic, chili powder, cumin, and salt, and cook for 1 minute, until fragrant.
Add about 1 cup of the broth and scrape up any browned bits on the bottom of the pot. Add the remaining broth and tomatoes, along with the beef and any juices that have collected, the kielbasa, potatoes, and beans.
Bring to a simmer, reduce the heat to low to maintain a simmer, and cook for 12 to 15 minutes, until the potatoes are tender.
Add the frozen peas and corn and cook until bright green, 1 to 2 minutes. Serve hot, garnished with cilantro.
Notes
TO STORE: Transfer cowboy stew to an airtight container and store in the refrigerator for up to 3 days.
TO REHEAT: Reheat the stew on the stovetop over medium heat, stirring occasionally, until warmed through. You can also reheat in the microwave.
TO FREEZE: Transfer the stew to a freezer-safe container or freezer bag. Freeze for up to 3 months; thaw overnight in the refrigerator before reheating. (Note that potatoes don’t freeze very well, so they will be a bit mealy afterwards. Since they’re not the main ingredient here, it’s not that noticeable.)