In a large pot or Dutch oven, heat the vegetable oil over medium heat.
Add the turkey pieces and cook until browned on all sides. Remove the turkey and set aside.
In the same pot, add the chopped onion and minced garlic. Sauté until the onion is soft and translucent, about 5 minutes.
Stir in the chopped tomatoes, bell peppers, and tomato paste. Cook for another 5 minutes until the tomatoes start to break down.
Stir in the annatto powder, ground cumin, dried oregano, black pepper, and cayenne pepper (if using). Cook for 1-2 minutes to toast the spices.
Pour in the chicken or turkey broth and bring to a boil.
Return the browned turkey pieces to the pot. Reduce the heat to low, cover, and simmer for about 1.5 to 2 hours, or until the turkey is tender and cooked through.
Remove the turkey from the pot and shred it using two forks. Return the shredded turkey to the pot.
Stir in the chopped cilantro and parsley.
Adjust seasoning with salt to taste.
Enjoy your meal!