Combine all ingredients for meatballs in a medium mixing bowl and mix until all evenly incorporated. Roll about 1-inch meatballs.
Heat up a large pot over medium heat and add vegetable oil. Place meatballs in the heated pot, cover and cook for about 5 minutes. Flip all meatballs, cover and cook for a couple more minutes.
Add diced veggies, tomato paste and chipotle chili. Cover and cook for 5-7 minutes. Stir, cover and cook for a few more minutes.
Add beef stock, pressed garlic, salt and cumin. Bring to boil then lower to medium-low. Cover and cook for 15 minutes.
Stir in fresh cilantro right before taking off heat.
If using rice: you can choose to cook rice separately and just add some to each dish or you can cook rice right in the soup. If you add rice separately, you will avoid rice soaking up all the broth. If you cook rice in soup, it will soak up the broth and you will need to add an extra cup and a half of beef broth to compensate. Cooking rice in soup will make it more flavorful. Decision is ultimately up to you!