Season beef with salt and pepper. Heat oil in a large pot over medium-high heat and brown the beef in batches, 4–5 minutes per batch. Set aside.
Add onions and bell peppers to the pot, cooking 6–8 minutes until softened.
Add garlic and paprika, stirring 1 minute until fragrant.
Stir in tomato paste, then add broth, caraway, and bay leaves.
Return beef to the pot, bring to a simmer, and cover.
Braise 1 hour 45 minutes to 2 hours until the beef is fork-tender.
Remove bay leaves, season with salt and pepper, and serve hot.