Place the ground beef, eggs, milk, uncooked rice in a large mixing bowl and mix to combine well with salt and pepper. Divide the mixture into 32 equal portions, rolling each portion into a ball.

Heat the olive oil in a large covered Dutch oven. Add the albondigas and brown over medium heat for about 7 minutes. Turn the albondigas over, and brown for another 7 minutes. (Turn the albondigas only once so they do not break apart.)

Add the beef stock, cover and allow to simmer over low heat for about 25-30 minutes. Test one of the albondigas to make sure the rice is cooked and tender. If not, simmer for 5 more minutes.

Add the chipotle ketchup to the albondigas, stir gently and cover for another 5 minutes until heated through.

Serve immediately.