Heat 2 tablespoons oil in a large saute pan over medium-high heat. Add the fresh chorizo links, reduce heat to medium, and brown well on all sides. (It may not be thoroughly cooked through at this point.) Transfer to a cutting board to cool. When the chorizo is cool enough to handle, slice it into 1/2-inch pieces.
Add onion and Ancho pepper to the pan. Cook for 4-5 minutes on medium-low or until beginning to soften.
Add the minced garlic, 1 1/2 tablespoons chili powder, coriander, cumin, oregano, and bay leaf. Cook briefly, approximately 15 seconds.
Add the tomatoes, water, chicken or vegetable broth, chorizo, and beans. Bring to a boil, reduce heat to low. Simmer for 12-15 minutes or until thickened and the chorizo is thoroughly cooked through. Remove the bay leaf.
Season to taste with salt, black pepper, and hot sauce. Keep warm.
Heat the remaining oil in a nonstick skillet or saute pan over medium-high heat. Add the bell peppers and garlic and cook for 3-4 minutes or to desired doneness.
Add chili powder, lime juice and salt and pepper to taste. Serve with beans and rice.