In a large pot over medium high heat, combine the oil and steak and saute for about 5 minutes, or until steak is browned. Add the onions, garlic and chile pepper and saute for another 5 minutes, or until the onions are translucent.
Add the chili powder, cumin, cayenne pepper, tomatoes and kidney beans. Reduce heat to low, cover and simmer for about one hour. Remove cover and simmer for another 30 minutes, or until you've reached your desired thickness.
