Preheat the oven to 400°F (200°C).
In a mixing bowl, combine ground beef, breadcrumbs, chopped cilantro, egg, ground cumin, chili powder, salt, and pepper. Mix until well combined.
Form the mixture into small meatballs, about 1 inch in diameter. Place the meatballs on a baking sheet.
Bake the meatballs in the preheated oven for about 15 minutes or until browned and cooked through.
While the meatballs are baking, heat olive oil in a large pot over medium heat. Add the diced onion and sauté until translucent, about 5 minutes.
Add minced garlic and cook for another minute until fragrant.
Pour in chicken broth and diced tomatoes with their juices. Stir to combine.
Add the diced carrot, zucchini, bell pepper, dried oregano, ground cumin, chili flakes (if using), and season with salt and pepper. Bring the soup to a simmer.
Once the meatballs are done baking, carefully add them to the soup. Simmer for an additional 10-15 minutes to allow the flavors to meld.
Serve the soup hot, garnished with lime wedges and additional cilantro if desired.