Prepare all your ingredients by washing and chopping the vegetables. Cut the carrots into slices and dice the potatoes into small cubes. Chop the onion and bell pepper, and mince the garlic. Dice the tomatoes.
In a large pot or Dutch oven, heat the vegetable oil over medium-high heat. Add the beef cubes and brown on all sides for about 5-7 minutes. Remove the beef from the pot and set aside.
In the same pot, add the chopped onion, garlic, and bell pepper. Sauté for about 5 minutes until soft.
Add the diced tomatoes and tomato paste, stir, and cook for another 2 minutes. Return the browned beef to the pot, pour in the beef broth, and add the spices. Stir to combine.
Bring the mixture to a boil, then reduce the heat to low. Cover and let it simmer for 90 to 120 minutes, stirring occasionally.
After simmering, add the sliced carrots and diced potatoes. Cover and cook for an additional 30-40 minutes until the vegetables are tender. Remove the bay leaf before serving.