In a large pot or Dutch oven, heat the olive oil over medium-high heat.
Add the beef cubes in batches, seasoning with salt and pepper, and brown them on all sides. Remove the browned beef and set aside.
In the same pot, add the diced onion and sauté until translucent, about 5 minutes.
Add the minced garlic and cook for another minute until fragrant.
Stir in the sliced carrots and diced potatoes, cooking for about 5 minutes to slightly soften.
Return the browned beef to the pot, mixing it in with the vegetables.
Add the beef broth, water, tomato paste, thyme, rosemary, paprika, and bay leaves. Stir to combine.
Bring the stew to a gentle boil, then reduce the heat to low and cover. Simmer for about 1.5 to 2 hours, or until the beef is tender and the flavors meld together.
If using, stir in the frozen peas during the last 10 minutes of cooking.
Remove the bay leaves before serving. Adjust seasoning with salt and pepper to taste.
Serve hot, garnished with fresh parsley for a touch of color and freshness.
Notes
Ladle the stew into rustic bowls and serve with crusty bread on the side for a complete meal.