Heat oil in a large frying pan over medium heat. Add onions and season with salt and pepper. Cook, stirring occasionally, until softened and starting to brown, about 10 minutes.
Add chorizo and garlic and cook another 3 minutes. Add tomatoes, olives, raisins, capers, cumin, and bay leaves and bring to a boil.
Reduce heat and simmer, covered until meat is cooked through and flavors have melded, about 15 minutes.
Stir in parsley then taste and season with more salt and pepper as needed. Serve with steamed rice or potatoes.