For the meatballs, in a large bowl, mix together the ground beef, egg, panko, pimentos, adobo seasoning, and a large pinch of salt and pepper until well combined. Form into 1-inch meatballs.
Set a large shallow dutch oven over moderate heat. Once hot, drizzle the olive oil and add the meatballs, a few at a time, in a single layer. Cook until seared and fully browned on the first side, about 5 minutes. Flip and cook for another 2 to 3 minutes on the second side. We're not looking to cook the meatballs all the way through at this stage, mainly looking to sear them. Transfer to a plate and set aside while you continue searing the rest of the meatballs.
If the pan needs more oil, add a drizzle more. Then add the onion, bell peppers, tomatoes and garlic. Cook, stirring often, until softened, about 5 minutes. Add the bay leaves and a pinch of salt and pepper. Deglaze the pan with the cooking wine, if using and allow it to reduce. Then stir in the tomato sauce, chicken stock, cumin and oregano. Cover and bring to a simmer. Uncover and return the meatballs to the pan. Reduce the heat to low and simmer covered until the sauce has thickened somewhat and the meatballs are fully cooked through, about 10 to 12 minutes.
Discard the bay leaves before serving. I like to serve this with some cooked white rice and plantains on the side. You can do either the sweet plantains (maduros) or the savory (tostones). Serve and enjoy!