Heat oil in a large pot or Dutch oven over medium heat.
Add meatballs and brown on all sides for 5–7 minutes.
Stir in chopped onions and sauté for 1–2 minutes.
Add sofrito and tomato sauce. Stir and let simmer briefly.
Pour in 2 cups of water. Stir in Goya Jamón, oregano, turmeric, and adobo.
Add olives (if using), potatoes, and carrots. Mix well.
Bring to a gentle simmer. Cook uncovered for 10 minutes, stirring occasionally.
Add the fresh cilantro and bay leaves (if using). Cover and reduce heat to low.
Let simmer for 45 minutes, allowing flavors to develop and vegetables to soften.
Serve hot over white rice. Enjoy!