Preheat your oven to 325°F (165°C).
In a large ovenproof pot or Dutch oven, heat the olive oil over medium-high heat.
Add the lamb pieces and sear on all sides until browned. Remove the lamb and set aside.
In the same pot, add the sliced onions and minced garlic. Sauté until the onions are translucent and fragrant, about 5 minutes.
Stir in the ground cumin, ground coriander, ground turmeric, ground cardamom, ground cinnamon, ground black pepper, and salt. Cook for another 2 minutes.
Add the chopped tomatoes and cook for another 5 minutes until they start to break down.
Return the seared lamb to the pot.
Add the chopped green bell peppers, bay leaves, and cinnamon stick.
Pour in the water or lamb broth and bring to a simmer.
Cover the pot with a lid or aluminum foil and transfer it to the preheated oven.
Bake for 2.5 to 3 hours, or until the lamb is tender and falls apart easily.
About 30 minutes before the lamb is done, cook the rice.
In a large pot, bring 4 cups of water to a boil.
Add the soaked and drained basmati rice and a pinch of salt.
Cook until the rice is tender, about 15-20 minutes. Drain any excess water.
Once the lamb is done, remove the bay leaves and cinnamon stick.
Enjoy your meal!