In a large pot or Dutch oven, pour in 2 tablespoons of vegetable oil and heat it over medium-high heat.

Add 2 pounds of beef chuck to the pot and sear the beef for about 5-7 minutes until browned.

Toss in 1 medium chopped onion and 4 minced garlic cloves, sauté for 3-4 minutes until translucent.

Stir in 2 chopped tomatoes and cook for 2-3 minutes until they begin to soften.

Add 2 teaspoons of ground cumin, 2 teaspoons of chili powder, 1 teaspoon of paprika, 1 teaspoon of dried oregano, along with salt and pepper. Stir well.

Add 2 cups of beef broth and 1 cup of water, stirring gently.

Toss in 1 bay leaf, allowing it to infuse the stew.

Increase heat to high and bring the mixture to a rapid boil, then reduce heat to low.

Cover the pot and let it simmer on low for 1.5 to 2 hours.

Add 1 cup of chopped bell peppers and 1 cup of chopped carrots about 30 minutes before the end of cooking if desired.

Taste the stew and adjust seasoning, remove the bay leaf before serving.