Begin by slicing the steak into small, bite-sized pieces.
Prepare your vegetables. Slice the onions, peppers and finely chop the tomatoes.
Heat the olive oil in a Dutch oven, large skillet, or frying pan over medium-high heat.
Add the steak pieces to the pan, and cook until they are nicely browned.
Add the sliced red onions to the pan and sauté until it becomes translucent and slightly caramelized.
Stir in the peppers, and cook for another 2-3 minutes until the peppers begin to soften.
Add the tomatoes, garlic, salt, dried chilies, chopped jalapeños, freshly ground black pepper, cumin, and dried oregano.
Stir well to combine with the other ingredients.
If desired, add water to the pan to create a saucier consistency. This step is optional and can be adjusted based on personal preference.
Reduce the heat to low, cover the pan, and let the flavors simmer together for about 10-15 minutes to allow the steak to absorb the seasonings.
Once cooked, remove from heat and garnish with chopped parsley or cilantro. Serve the Steak Picado hot and enjoy it with a side of fluffy rice, refried beans, or wrapped in warm tortillas.