Heat the vegetable oil in a large pot over medium-high heat. Add the cubed beef and season with salt and pepper. Brown the meat on all sides, about 5-7 minutes. Remove the beef and set it aside.
In the same pot, add the diced onion and bell pepper. Sauté until the vegetables are softened, about 3-5 minutes.
Stir in the minced garlic, cooked beef, chopped tomatoes, beef broth, ground cumin, chili powder, paprika, and bay leaves. Bring the mixture to a boil.
Reduce the heat to low, cover the pot, and let it simmer for about 1 hour.
After 1 hour, add the sliced carrots and diced potatoes to the pot. Stir well, cover again, and continue to simmer for another 30-45 minutes, or until the beef and vegetables are tender.
Once cooked, taste and adjust seasoning with more salt and pepper if needed. Remove the bay leaves before serving.
Serve hot, garnished with fresh cilantro if desired.