Preheat oven to 400 degrees. Lightly grease a large rimmed baking sheet.
Combine all of the meatball ingredients in a large bowl and mix well. Shape into walnut sized balls and place on the prepared baking sheet Bake for 20-25 minutes or until golden and cooked through; set aside.
While the meatballs bake, start the curry. Heat oil in a large sauté pan over medium-high heat. Add the peppers, onions and garlic and sauté until vegetables are just tender, about 3 minutes.
Stir in the tomatoes, curry powder, turmeric, basil and cayenne and chicken broth. Simmer for 6-8 minutes, or until liquid is reduced by half.
Stir in the coconut milk, then gently stir in the cooked meatballs. Season with salt and pepper, to taste. Simmer until meatballs are heated through.
Garnish with fresh cilantro, if desired, and serve over hot cooked rice.