Heat oil in a 5-quart Dutch oven over medium-high heat. Add beef 1/3 at a time and cook until browned on all sides; remove from pan and set aside.
Add onion and garlic to pan and cook 5 minutes or until tender, stirring frequently. Stir in chili powder, cumin, salt and TABASCO® Sauce; cook 1 minute. Add water, chilies and browned meat and bring to a boil; reduce heat, cover and simmer 1 1/2 hours or until beef is tender.
Serve over rice and top with cheese, onion and sour cream, if desired.
Makes 4 to 6 servings.