Heat 1/4 cup canola oil in a large soup pot or Dutch oven over medium-high heat. Season the short ribs with salt and pepper and sear until golden brown, 3 to 4 minutes per side. Transfer the meat to another large pot (set the first pot aside) and add the broth. Cover and cook until tender, about 1 hour 30 minutes.
Meanwhile, heat the remaining 1 cup oil in the reserved pot over medium heat. Add the onion, bell pepper, cumin, chili powder, oregano, flour, 1 tablespoon pepper, and salt to taste. Cook, stirring, until the flour is smooth, 3 to 4 minutes. Remove from the heat and set aside until the meat is done.
Transfer the short ribs to a cutting board; cover the broth and set aside. Let the meat cool slightly, then cut into chunks. Place the pot with the vegetables over medium-high heat. Slowly add the warm broth and whisk until smooth. Stir in the chopped short ribs and the beans, bring to a simmer and cook until thickened, about 15 minutes. Ladle into bowls and garnish with guacamole, sour cream, cheese and fried tortilla strips, for a little extra crunch.
Photograph by Kate Mathis
Recipe courtesy Aaron McCargo, Jr. for Food Network Magazine