Cut the beef into bite-sized cubes and pat dry with a paper towel.

Finely chop the onions and mince the garlic.

Dice the red bell pepper, slice the carrots, and chop the tomatoes.

Prepare the beef broth if making from scratch.

Heat the Dutch oven over medium-high heat.

Add vegetable oil or lard and let it shimmer.

Sear the beef in batches (do not overcrowd), browning each side for about 2 minutes. Remove and set aside.

Lower heat to medium, add the onions, and cook until soft and golden (about 5 minutes).

Stir in the garlic, red bell pepper, and carrots. Sauté for another 3 minutes.

Add tomato paste, stirring to coat the vegetables.

Mix in paprika, smoked paprika (if using), and caraway seeds. Toast the spices for 30 seconds to enhance flavor.

Return the beef to the Dutch oven.

Add chopped tomatoes, beef broth, water, bay leaf, salt, and black pepper.

Stir well and bring to a boil.

Reduce heat to low, cover, and let it simmer for 1.5 to 2 hours, stirring occasionally.

If the stew becomes too thick, add more broth or water.

Remove the bay leaf.

Taste and adjust seasoning if needed.

Serve hot with crusty bread, over egg noodles, or with traditional dumplings.

Garnish with fresh parsley and a dollop of sour cream if desired.