Prepare all ingredients by cutting the lamb, chopping the onion, mincing the garlic, slicing the carrots, and dicing the potatoes.
In a large pot, heat olive oil over medium-high heat. Add lamb cubes and brown on all sides for 5-7 minutes. Remove and set aside.
In the same pot, add chopped onion and cook until soft, about 3-4 minutes. Stir in minced garlic and cook for an additional minute.
Return browned lamb to the pot. Add carrots, potatoes, beef broth, red wine, tomato paste, thyme, rosemary, salt, pepper, and bay leaf. Stir well to combine.
Bring to a boil, then reduce heat to low. Cover and let simmer for 90-120 minutes, stirring occasionally.
Remove bay leaf and adjust seasoning if necessary. Serve hot, garnished with fresh parsley.