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Combine all the ingredients for the meatballs in a large bowl. Set aside to let the meat rest while you prepare the remaining ingredients.
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In a food processor, pulse the garlic and onion together until finely minced; transfer to a small plate or bowl. Add the tomatoes to the food processor and pulse four or five times or until smooth.
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In a five-quart pot, heat oil on medium heat. Add garlic and onions; saute until soft and they begin to brown. Stir in tomato sauce and chicken bouillon; simmer 10 minutes covered.
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After 10 minutes, add carrots and six cups water. Stir to loosen browned bits at the bottom of the pot. Begin rolling meatballs (about the size of two teaspoons). Drop them in the pot one at a time. Add the corn and bring to a low boil. Carefully skim off any grease or foam from meat fat that builds up at the top after it has started to boil. Cover and finish cooking on low 25-30 minutes or until the meatballs and rice are fully cooked through.
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Serve with warm corn tortillas, chopped cilantro and avocado slices. Lime juice and hot sauce can also be added to your preference.