In a large pot or Dutch oven, heat the oil over medium-high heat.
Add the sausage and cook until browned; about 5 minutes.
Using a slotted spoon, remove the sausage; set aside.
Add the onion, garlic and red bell pepper to the pot; cook until the vegetables are tender; about 5 minutes.
Stir in the cumin, oregano and cayenne pepper; cook for 1 minute.
Add the soaked and drained pinto beans, diced tomatoes, browned sausage, beef broth and water to the pot.
Bring to a boil; place cover on pot; reduce the heat to low and simmer for 1 hour.
Uncover the pot and continue to simmer for another 30 minutes, or until the beans are tender.
Season the Charro Beans with salt and pepper, to taste.
Serve hot, garnished with chopped fresh cilantro.