Turn your broiler on and put the hatch chiles on a baking sheet. Let them sit under the heat until they've blackened and softened. Remove, peel the skin off, and dice.
While they're broiling, saute your bell peppers in a large pot. Brown the meat in with the peppers. Salt a little here. Add in your diced hatch chiles.
Pour in the water, tomatoes, tomato sauce, cumin, and chili powder. Salt a little more. Stir everything together, cover, and reduce heat to low. Allow it to simmer for at least an hour.
When you're ready to serve, crank up the heat and let some of the excess liquid cook off for about 5 minutes, stirring often. Serve with your favorite chili toppings!