Sprinkle the yeast over 1 cup warm water (100 to 110°F.) in a large bowl and let stand 5 minutes. Stir until the yeast is dissolved.
Add lard or olive oil and 2 cups flour, salt and pepper, and stir until a soft dough forms. Turn dough out onto a lightly floured surface and knead until smooth and elastic, about 10 minutes, adding more flour as necessary to make a moist, but not sticky, dough.
Oil a large bowl. Put dough in bowl, turning it once to coat top. Cover with plastic wrap and let rise in a warm spot until doubled in volume, about 1 hour.
Oil a large baking sheet. Place dough on a lightly floured surface and flatten it with your hands to eliminate air bubbles. Scatter meat and cheese over the surface. Fold dough over to enclose the ingredients. Flatten dough and fold it over several times, until the meat and cheese are evenly distributed.
Cut dough in half. Roll each piece between your palms into a 24-inch rope. Loosely twist the 2 ropes together, then form them into a circle on baking sheet. Pinch ends together to seal them. Cover with oiled plastic wrap and let rise until doubled, about 1 hour. Preheat the oven to 400°F.
Bake the loaf for 30 minutes, or until golden brown. Slide the bread onto a wire rack to cool slightly. Serve warm. Makes 1 loaf.