Heat olive oil in a large pot over medium-high heat. Brown the beef in batches, seasoning with salt and pepper. Set aside.
In the same pot, sauté onions and garlic until fragrant, about 2 minutes.
Add tomato paste, cooking for another minute, then deglaze the pot with red wine (if using).
Return beef to the pot, add beef broth, thyme, paprika, and bay leaves. Bring to a simmer.
Cover and cook for 1 hour on low heat, stirring occasionally.
Add carrots, potatoes, and peas. Cook for an additional 30 minutes until vegetables are tender.