In a large pot or Dutch oven, heat the vegetable oil over medium heat. Add the beef stew meat, pork shoulder, and chorizo sausage. Brown the meat on all sides, then remove from the pot and set aside.
In the same pot, add the finely chopped onion and minced garlic. Sauté until the onion is soft and translucent.
Stir in the chopped tomatoes, red and green bell peppers, and cook for about 5 minutes until the vegetables are tender.
Add the chopped butternut squash and potatoes to the pot. Cook for another 5 minutes, stirring occasionally.
Return the browned meat to the pot. Add the drained hominy corn and soaked beans. Stir in the paprika, ground cumin, ground chili powder, bay leaf, salt, and pepper.
Pour in the beef broth and water. Bring the mixture to a boil, then reduce the heat to low. Cover and let it simmer for about 2 to 3 hours, or until the meat and beans are tender and the flavors are well combined.
Taste the locro and adjust the seasoning with additional salt and pepper if needed. If the stew is too thick, you can add a little more water or broth to reach the desired consistency.
Ladle the locro into bowls and serve hot. It can be garnished with fresh parsley or chopped green onions if desired.
Enjoy your meal!