Start by seasoning the beef chunks with salt and pepper.

In a large pot or Dutch oven, heat the vegetable oil over medium-high heat. Add the beef in batches, making sure not to overcrowd the pot. Brown the beef on all sides, about 4-5 minutes per batch. Remove the beef and set it aside.

In the same pot, add the chopped onions and cook for about 3 minutes until they become translucent. Then, add the garlic and cook for an additional minute until fragrant.

Stir in the tomato paste, thyme, and bay leaves. Return the beef to the pot. Pour in the beef broth and scrape the bottom of the pot to deglaze it.

Bring the stew to a gentle simmer. Cover the pot and let it cook for about 1.5 to 2 hours, stirring occasionally until the beef is tender.

Add the carrots and potatoes. Cover again and let simmer for another 30-40 minutes until the veggies are tender.

Taste and adjust the seasoning with additional salt and pepper if needed. Remove the bay leaves before serving.