Begin by heating the olive oil in a large, heavy-bottomed pot or Dutch oven over medium-high heat until shimmering.
While the oil heats, generously season the beef cubes with salt and pepper. Once the oil is hot, add the beef in batches to avoid overcrowding. Brown the cubes on all sides, ensuring a nice crust forms. Once done, remove the browned beef from the pot and set it aside on a plate to retain its juices.
In the same pot, reduce the heat to medium. Add the chopped onion and minced garlic, allowing them to sauté for approximately 3-4 minutes, or until the onion turns translucent and releases its fragrant aroma.
Add the sliced carrots and diced potatoes to the pot. Stir the vegetables for an additional 3-4 minutes until they begin to soften, enhancing their flavors.
Return the browned beef to the pot, followed by pouring in the beef broth and diced tomatoes. Sprinkle in the dried thyme, smoked paprika, and add the bay leaves. Stir everything together to ensure that all ingredients are evenly combined.
Increase the heat to bring the mixture to a gentle boil, then immediately reduce to low heat. Cover the pot securely with a lid and let it simmer gently for about 1.5 to 2 hours. Stir occasionally and keep an eye on the consistency; add more broth if it starts to stick to the bottom.
Once the beef is tender, taste the stew and adjust the seasonings with additional salt and pepper as needed for enhanced flavor.
Before serving, remember to remove the bay leaves from the stew. Ladle generous portions into bowls and finish with a sprinkle of fresh, chopped parsley for a vibrant touch.