In a heavy pot or Dutch oven, cook bacon over medium heat until crispy, stirring occasionally. Drain off excess grease, leaving enough to coat the bottom of the pan. Add onions and garlic; cook and stir until the onions are tender. Season with oregano, cayenne pepper, paprika, chili powder and cumin. Cook and stir for about 30 seconds to toast the spices.
Stir in the beef, water, beer, chipotle peppers, and cornmeal; bring to a boil. Reduce heat to low and simmer, uncovered, until beef is tender, 2 1/2 to 3 hours.