In a medium bowl combine the chili powder with the cumin, then add the beef and toss the mixture to coat.
Using cooking spray coat a large saucepan or Dutch oven and heat over medium heat, then add beef and cook it for 5 minutes, making sure to occasionally stir.
Take beef broth and chipotle chilies with sauce and add it to the mixture, bringing it to a boil. Once brought to a boil reduce the heat, cover the mixture and allow it to simmer for 1 hour 15 minutes or until the beef has become very tender.
Transfer the beef to a carving board using a slotted spoon and leave the juice in saucepan, then shred the beef using two forks. Take the shredded beef and bring it back to the saucepan, then add tomatoes with juice and bell peppers and bring the mixture to a boil.
Stir the beans into the mixture and allow it to simmer uncovered for 20 minutes or until the bell peppers have become tender, garnishing with cilantro if desired.