Heat a large skillet over medium-high heat and add in ground beef. Cook and stir until beef is evenly browned, and no longer pink. Discard excess grease.
In a large stockpot, sauté the bell pepper and onion in oil until onion turns slightly in color.
Add in the minced garlic and cooked ground beef and sauté for one minute.
Add remaining ingredients - diced tomatoes, tomato sauce, chili powder, cayenne pepper, salt, black pepper, water and Cholula Green Pepper into the stockpot.
Bring to a boil, then reduce heat to low.
Simmer ingredients uncovered for approximately 15-20 minutes.
Garnish each serving with Cheddar cheese, green onions, and add additional desired amount of Cholula Green Pepper, for maximum flavor.