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 the onion, green bell pepper, carrots, and garlic to the pot. Sauté for 5 to 7 minutes until the vegetables are softened.
03 - Stir in the 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 the diced tomatoes and beef broth, then bring to a simmer.
05 - Reduce heat to low, cover, and cook for 1 hour, stirring occasionally.
06 - Add the kidney beans and black beans. Continue simmering uncovered for 20 to 30 minutes until the stew thickens and the beef is fork-tender.
07 - Taste and adjust seasonings as needed. Serve hot, garnished with chopped cilantro, sour cream, or shredded cheese if desired.