Heat olive oil in a Dutch oven or large pot over medium high heat. Add stew meat and sear until browned, about 2 minutes. Add onion, garlic and jalapeños, and cook until fragrant, about 1-2 minutes. Stir in diced tomatoes, tomato sauce, chili powder, kidney beans and 1-2 cups water, making sure to cover most of the ingredients.
Reduce heat to low; simmer, covered, stirring occasionally, until meat is tender, about 90-120 minutes.
Serve immediately with jalapeño Monterey Jack cheese and cornbread, if desired.