Heat the olive oil in a large pot or Dutch oven over medium heat.
Add the beef stew meat to the pot and brown on all sides, about 5-7 minutes. Remove the beef and set aside.
In the same pot, add the chopped onion and cook until translucent, about 3-4 minutes.
Stir in the minced garlic and diced bell peppers; cook for another 2-3 minutes until the vegetables are softened.
Return the beef to the pot. Add the cubed potatoes, sliced carrots, diced tomatoes (with their juices), beef broth, cumin, paprika, oregano, salt, and black pepper. Stir well to combine.
Bring the mixture to a boil, then reduce the heat to low. Cover the pot and let it simmer for 1 hour, stirring occasionally.
After 1 hour, check the tenderness of the beef and adjust the seasoning as needed. If the sauce is too thick, add more beef broth or water.
Simmer for an additional 30 minutes or until the beef is fork-tender and the vegetables are cooked through.
Once done, serve hot, garnished with fresh cilantro if desired. Enjoy over rice or with warm tortillas.