In a large pot over medium-high heat, add oil and sear the beef cubes until browned on all sides. Remove and set aside.

In the same pot, sauté onions and minced garlic until translucent, about 5 minutes.

Add sliced bell peppers and cook for another 5 minutes until softened.

Return the beef to the pot; stir in tomato paste and paprika, then add beef broth.

Bring to a gentle boil, reduce heat to low, cover, and simmer for about 2 hours, stirring occasionally.

Adjust seasoning with salt and pepper before serving.