01 - Heat olive oil in a large Dutch oven over medium-high heat. Add beef cubes in batches, browning on all sides. Remove and set aside.
02 - Add onion, green bell pepper, carrots, and garlic to the pot. Sauté for 5-7 minutes until softened.
03 - Stir in tomato paste, chili powder, cumin, smoked paprika, cayenne pepper, salt, and black pepper. Cook for 2 minutes until fragrant.
04 - Return browned beef to the pot. Add diced tomatoes and beef broth. Bring to a simmer, then reduce heat to low, cover, and cook for 1 hour, stirring occasionally.
05 - Add kidney beans and black beans. Simmer uncovered for 20-30 minutes until the stew thickens and the beef is tender. Taste and adjust seasonings as needed. Serve hot with optional garnishes like chopped cilantro, sour cream, or shredded cheese.