Prepare all ingredients by chopping the onion and bell pepper, mincing the garlic, slicing the carrots, dicing the potatoes, and cutting the beef into cubes.

In a large pot or Dutch oven, heat the vegetable oil over medium heat. Add the chopped onion and sauté until translucent, about 5. Then stir in the minced garlic and cook for an additional minute.

Increase heat to medium-high and add the beef cubes. Brown the meat on all sides for about 5-7 minutes.

Add the sliced carrots, diced potatoes, and chopped bell pepper. Sauté for a few minutes until they start to soften.

Sprinkle in the paprika, caraway seeds, dried thyme, black pepper, and cayenne pepper. Stir until the beef and vegetables are well coated.

Add the undrained diced tomatoes, beef broth, and tomato paste. Mix well to combine all ingredients.

Bring to a boil, then reduce heat to low. Cover and let simmer for 90 to 120 minutes, stirring occasionally.

Taste and adjust seasoning with salt. If a thicker goulash is desired, remove the lid during the last 30 minutes of cooking.

Garnish with chopped fresh parsley before serving.