01 - Heat vegetable oil in a large Dutch oven or heavy-bottomed pot over medium-high heat. Season the beef cubes generously with salt and black pepper. Working in batches to avoid overcrowding, sear the beef on all sides until deeply browned. Transfer each batch to a plate and set aside.
02 - Reduce heat to medium. Add the chopped onion and minced garlic to the pot, sautéing until softened and fragrant, about 3 minutes. Sprinkle in the flour (or cornstarch) and add the tomato paste, stirring constantly and cooking for 1 minute to toast the flour and caramelize the paste.
03 - Gradually pour in the dry red wine, using a wooden spoon to scrape up all the caramelized browned bits from the bottom of the pot. Return the seared beef and any accumulated juices back to the Dutch oven. Add the sliced carrots, diced potatoes, sliced celery, beef stock, bay leaves, dried thyme, and paprika. Stir everything together until well combined.
04 - Bring the stew to a full boil, then immediately reduce the heat to low. Cover with a tight-fitting lid and let it gently simmer for 2 hours, stirring occasionally to ensure nothing sticks to the bottom and the flavors meld together.
05 - Remove the lid and stir in the frozen peas. Continue simmering uncovered for an additional 15 minutes, or until the beef is fork-tender, the vegetables are cooked through, and the broth has thickened to your desired consistency.
06 - Remove and discard the bay leaves. Taste the broth and adjust the seasoning with additional salt and black pepper as needed. Ladle the hot stew into bowls and serve immediately.