In a medium sauce pan, heat the oil over medium heat. Add the onions along with the bell peppers, and continue to cook for about 5-6 minutes or until the vegetables just barely begin to brown.

Add the cumin, cayenne, salt, jalepenos, and garlic and let cook for 1 minute before adding in the tomatoes along with their juices. Allow the tomatoes to wilt and shrink in size, about 3-4 minutes. Then add the broth, bring the sauce to a boil, then reduce the heat to low and allow the sauce to simmer for 15 minutes. Mix in the chopped cilantro.

Transfer the ranchero mix to a blender and blend until smooth, taking care to hold the cap of the blender down when blending so the cap doesn't fly off.

Transfer the sauce back to the sauce pan and heat over medium low heat until the sauce starts to boil and thicken, about 5-7 minutes. Use the sauce right away or allow to come to room temperature before storing in an air-tight container.