In a Dutch-oven, heat oil over medium-high heat. Add chicken; cook until browned, 5 to 7 minutes.
Add peppers, onion, 1 cup water, tomato sauce, wine, chicken stock, Sazon, cumin, garlic powder, and bay leaves; cook, uncovered, until chicken is opaque, about 20 minutes.
Add potatoes, carrots, olives, and raisins; cook until potatoes are tender and chicken is cooked through, 20 to 25 minutes more. Serve immediately.