01 - Heat olive oil in a large Dutch oven over medium-high heat. Add beef cubes and brown on all sides, working in batches if necessary. Remove beef and set aside.
02 - Add onion, green bell pepper, carrots, and garlic to the pot. Sauté for 5-7 minutes until vegetables are 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 the browned beef to the pot. Add diced tomatoes and beef broth. Bring to a simmer.
05 - Reduce heat to low, cover, and cook for 1 hour, stirring occasionally.
06 - Add kidney beans and black beans. Continue to simmer, uncovered, for 20-30 minutes until the stew thickens and the beef is tender.
07 - Taste and adjust seasonings as needed. Serve hot, garnished with optional toppings such as chopped cilantro, sour cream, or shredded cheese.