In a large pot, heat 2 tablespoons of olive oil over medium heat. Once the oil shimmers, add 1 diced yellow onion and 1 diced red bell pepper. Sauté for about 10 minutes, stirring occasionally, until the onions are soft and golden. Add 3 minced garlic cloves, 1 teaspoon dried oregano, 1 teaspoon ground cumin, 1/2 teaspoon ground allspice, and a pinch of crushed red pepper flakes, cooking until fragrant, about 1 more minute.

Stir in 2 tablespoons of tomato paste, allowing it to cook for 1-2 minutes to deepen in color and flavor. Ensure the paste integrates fully with the sautéed vegetables, stirring constantly to prevent sticking.

Add 1 pound of ground beef to the pot, breaking it apart with a wooden spoon. Cook for about 6-8 minutes, stirring frequently, until the beef is browned and fully cooked.

Pour in one can of drained diced tomatoes and mix thoroughly. Allow the mixture to simmer on medium-low heat for about 5 minutes. Then, pour in 1/2 cup of dry white wine, stirring well while allowing it to reduce for 3-4 minutes.

Fold in 1/2 cup of dark raisins and 1/2 cup of sliced green olives, and if using capers, add 2 tablespoons. Stir and adjust seasoning with salt.

Remove the pot from heat and serve your Picadillo over fluffy cooked white rice or in warm tortillas.