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Line a large baking sheet with wax paper. Place turkey, breadcrumbs, egg, 1 1/2 teaspoons cumin, 1 1/2 teaspoons oregano, 1/2 teaspoon pepper and 1/4 teaspoon salt in a medium bowl. Mix gently until combined. Shape the mixture into 1 1/2-inch balls and transfer to the baking sheet. (You should have about 20 meatballs.) Place in the refrigerator and chill for at least 20 minutes or until ready to use.
Heat oil in a Dutch oven over medium-high heat. Add onion and carrots and cook, stirring often, until beginning to soften, about 4 minutes. Add peppers, tomatoes, the remaining 1/2 teaspoon cumin, 1/2 teaspoon oregano, 1/4 teaspoon pepper and 1/4 teaspoon salt; cook, stirring, until fragrant, about 1 minute. Add broth, increase heat to high and bring to a boil; reduce heat and simmer for 5 minutes.
Carefully submerge the meatballs in the simmering soup; return to a simmer and cook for 8 minutes. Add rice and cook, stirring occasionally, until tender, about 5 minutes. Remove from the heat and stir in lime juice. Garnish with jalapeño and cilantro.