Step 1

Heat 2 Tbsp. oil in a large pot over high. Cook beef, breaking up with a spoon, until browned but not completely cooked through, 6–8 minutes. Transfer to a medium bowl with a slotted spoon, leaving as much fat in pan as possible.

Step 2

Reduce heat to medium and cook onion, bell peppers, and remaining 1 Tbsp. oil, stirring, until tender but not browned, 6–8 minutes; season with salt and black pepper. Add cumin, paprika, oregano, and cayenne and cook, stirring, until fragrant, about 1 minute. Add chicken stock and reserved beef along with any accumulated juices to pot. Stir in sugar, 4 tsp. salt, and ¼ tsp. black pepper. Bring to a simmer and cook, stirring and scraping up any brown bits, until most of the liquid is evaporated, 15–20 minutes; taste and season with salt and black pepper, if needed. Stir in raisins. Transfer to a medium bowl, cover, and chill at least 3 hours.

Step 3

Preheat oven to 375°. Let dough sit at room temperature 15 minutes to temper. Remove 6 rounds from package, keeping plastic divider underneath, and arrange on a work surface. Place 2 Tbsp. filling in the center of each round. Top with 2 olive halves. Brush water around half of outer edge of each round. Using plastic divider to help you, fold round over filling and pinch edges to seal. Using a fork, crimp edges. Remove plastic and transfer empanada to a parchment-lined sheet tray, spacing 1" apart. Repeat with remaining rounds (you’ll get about 12 empanadas on each tray).

Step 4

Bake empanadas, rotating tray halfway through, until golden brown and slightly darker around the edges, 25–35 minutes.

Step 5

Do Ahead: Filling can be made 3 days ahead. Keep chilled. Unbaked empanadas can be made 3 months ahead; freeze on sheet tray, then transfer to freezer bags and keep frozen.