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Trim fat from meat. Cut meat into 1 1/2-inch cubes. Heat lard (or oil) in a Dutch oven over medium-high heat and cook meat, half at a time, stirring to brown evenly. Remove meat from pot. Add onion and garlic to pot; cook until lightly browned and tender. Return meat to pot.
Add water, orange zest, orange juice, thyme, salt, oregano, crushed red pepper and bay leaves to the pot. Bring to a boil; reduce heat. Simmer, covered, for 2 hours. Remove lid; increase heat so mixture boils gently. Cook, uncovered, about 30 minutes or until almost all of the liquid has evaporated, gently stirring occasionally. Discard thyme sprigs and bay leaves. Using a slotted spoon, transfer meat to a serving bowl. Serve with warmed tortillas and salsa (or guacamole). If desired, garnish with crema or sour cream.