Prep the Chiles. Remove stems and seeds from the dried chiles. Toast them in a dry skillet over medium heat until fragrant, about 2-3 minutes.
Soak the Chiles. Place the toasted chiles in a bowl and cover with hot water. Let them soak for 20 minutes until softened.
Blend the Sauce. Drain the chiles and transfer them to a blender. Add garlic, onion, cumin, oregano, salt, and pepper. Pour in 2 cups of beef broth and blend until smooth.
Cook the Beef. Season the beef cubes with salt and pepper. Heat olive oil in a large pot over medium-high heat. Brown the beef in batches, ensuring each piece is browned on all sides. Remove and set aside.
Simmer the Stew. Return the beef to the pot. Pour the chile sauce over the beef and add the remaining 2 cups of beef broth. Bring to a boil, then reduce heat and simmer for 1.5 to 2 hours, until the beef is tender and the sauce has thickened.
Serve. Enjoy your Chile Colorado with warm tortillas, rice, or beans. Garnish with fresh cilantro if desired.