To begin, drain and rinse the soaked white corn and beans. Place them in a large pot with 1 litre of fresh water. Bring to a boil, reduce heat to low, and simmer for 45 minutes until slightly tender. This step ensures the grains are well cooked by the end.
Meanwhile, heat a large heavy bottomed pot or Dutch oven over medium heat. Add the diced pancetta or bacon and cook until the fat is rendered and the pieces are crispy. Remove the pancetta with a slotted spoon, leaving the rendered fat in the pot.
In the same pot, sear the pork shoulder and beef brisket pieces until browned on all sides. This step enhances the stew's flavour. Remove the meat and set aside. Add the chorizo slices and cook for 2–3 minutes to release their oils. Remove and set aside.
Add the chopped onion and garlic to the pot, stirring until softened and fragrant, about 5 minutes. Sprinkle in the smoked paprika, cumin, and oregano, cooking for an additional minute to toast the spices.
Return the browned meats (pork, beef, chorizo, and pancetta) to the pot. Add the partially cooked white corn and beans, cubed pumpkin, and potatoes. Pour in the stock and add the bay leaf. Bring the mixture to a gentle boil, then reduce to a simmer. Cover and cook for 1.5–2 hours, stirring occasionally.
While the stew simmers, prepare the ají sauce. Heat the vegetable oil in a small pan over medium heat. Sauté the finely chopped onion and minced garlic until golden. Add the chili flakes, smoked paprika, salt, and pepper, cooking for another minute. Set aside to serve alongside the locro for added spice and flavour.
Check the stew for doneness. The meat should be tender and easy to pull apart, and the grains should be fully cooked but not mushy. Adjust the seasoning with salt and pepper to taste. If the stew is too thick, add a bit more stock to achieve your preferred consistency.
Serve the locro hot in deep bowls. Garnish with a drizzle of the ají sauce, if desired, and fresh cilantro or parsley for added colour and freshness. Pair with crusty bread or cornbread to soak up the hearty broth. Locro is best enjoyed piping hot and shared with loved ones.