In a food processor, combine the green pepper, onion and garlic. Pulse until puréed.
Add the olive oil to a large heavy-bottom stock pot or Dutch oven set over medium heat. Once the oil is hot, add the green pepper mixture and cook, stirring, until the liquid has evaporated and the vegetables are tender, 3 to 5 minutes.
Add the tomato sauce, beef bouillon mixture, olive juice and lime juice. Simmer until liquid is reduced by half, 3 to 5 minutes.
Add the ground beef and cumin. Cook, breaking apart the beef with a spatula, until the beef is cooked through. Stir in the bay leaves, green olives and raisins (optional) then reduce the heat to low, cover the pot, and simmer for 15 minutes. Uncover the pot and simmer an additional 5 minutes or until any remaining liquid has absorbed. Discard the bay leaves.
Spoon the picadillo over white rice and serve.