Combine 1 1/2 tablespoons chili powder, salt and cumin in a large bowl. Add bison and toss to coat.

Heat 1 tablespoon oil in a Dutch oven over medium-high heat. Reduce heat to medium, add half the meat and brown on all sides, 5 to 7 minutes. Transfer to a plate. Add the remaining 1 tablespoon oil and brown the rest of the meat. Transfer to the plate.

Add onion to the pot and cook, stirring, until starting to soften, 3 to 5 minutes. Add chiles and garlic; cook, stirring, for 2 to 3 minutes more. Add the remaining 1 1/2 tablespoons chili powder and stir until the vegetables are well coated. Add tequila (or water), scrape up any browned bits, and simmer until most of the liquid is evaporated. Stir in hominy, tomatoes, broth, orange juice, lime juice and the reserved bison. Return to a simmer, reduce heat, cover and cook until the bison is easily pierced with a fork, 1 1/2 to 2 hours.

Stir in squash and cook until just tender, 8 to 15 minutes, depending on the type of squash. Season with pepper. Serve the stew with lime wedges, cilantro, cabbage and red onion on the side, if desired.

Note: Hominy is white or yellow corn treated with lime to remove the tough hull and germ. Canned cooked hominy can be found in the Latin section of large supermarkets--near the beans--or at Latin markets.

Tip: Look for chayote in well-stocked supermarkets or Mexican grocers.

MAKE AHEAD TIP: Prepare through Step 3; let cool, cover and refrigerate for up to 2 days. Skim any fat from the top, reheat and finish with Step 4.