Heat a large skillet over medium heat. Add the olive oil and heat until shimmering. Add the onion and red bell pepper and cook, stirring, until the onion is soft and translucent, around 8 minutes. Add the beef and cook, using a spatula to crumble it into small pieces, until it is no longer pink, around 8 minutes. Add the garlic, smoked paprika, oregano, and cumin and cook, stirring, until fragrant, 2 minutes. Add the crushed tomatoes and cook, stirring, until incorporated. Add half of the chicken broth and use a spatula to lift any brown bits off the bottom of the pan. Add the remaining chicken broth, olives and bay leaves and stir to combine. Bring the liquid to a simmer, lower the heat to low, cover with a lid and cook, stirring occasionally, until the beef is tender, around 20 minutes. Remove the lid and continue simmering, stirring occasionally, until the liquid has almost fully evaporated, around 20 more minutes. Cover and set aside until ready to serve. Leftovers can be refrigerated for up to 5 days.

In a large mixing bowl, combine the water and salt and stir until dissolved. Slowly add the masarepa while stirring with a spoon. Continue stirring until no longer clumpy and a dough forms. The dough should be dry enough that it doesn’t stick to your hands, yet tacky and wet enough that the edges don’t crack when you flatten it. Adjust with more masarepa or water as needed.

Shape the dough into a large ball, place it back in the bowl, cover with a damp towel, and let the dough rest for 10 minutes to allow the dough to hydrate.

Separate the dough into 4 equal-sized portions for large arepas, or 8 portions for small arepas, and form them into balls. Using the palms of your hands, gently flatten the balls into discs approximately ¾-inches thick.

Line a plate with a kitchen towel and set aside. Add half of the avocado oil and half of the butter, if using, to a large cast-iron or non-stick skillet and heat over medium heat until shimmering and the butter has melted. Working in batches, carefully add the arepas to the hot oil and fry until golden brown, 4 to 5 minutes. Flip and cook the second side until golden brown, around 4 to 5 more minutes. Add more oil to the pan as needed. Transfer the arepas to the prepared towel-lined plate and set them aside as you fry the remaining arepas. If making the arepas ahead of time, they can be reheated in a 375F oven until warmed through, around 10 minutes.

To assemble the arepas, use a sharp paring knife and make a horizontal incision along half of the arepa to create a pocket. Stuff the pocket with the picadillo, avocado and crumbled queso blanco.