Add oil to a hot braising pot (kaldero, cauldron).
Salt and pepper lamb chunks, then sear until all sides are brown. Do this in batches. You will not achieve the brown sear if the pan is too crowded. Set seared meat aside.
In the same pan, add onions and cook until glassy. Add garlic. Once you smell the aroma of garlic, add tomatoes until softened, then the bell peppers and bay leaf.
Add the lamb with all its juices in the pot. Let it simmer until tender for about 40-50 minutes stirring ocassionally.
When lamb is almost tender, add potatoes, carrots. Let it simmer for 15 more minutes or until the vegetables are cooked.Add olives and liver spread and then chop the chilis.
Turn off heat then add cheese. Stir.
Serve with warm rice.