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 pepper. Working in batches to avoid crowding, brown the beef on all sides until a deep golden crust forms, about 3-4 minutes per batch. Transfer browned beef to a plate and set aside.
02 - Reduce heat to medium. Add the chopped onion and minced garlic to the pot, sautéing until the onion is soft and translucent, approximately 3 minutes. Sprinkle the flour over the aromatics and add the tomato paste, stirring constantly for 1 minute to cook off the raw flour taste and toast the tomato paste.
03 - Slowly 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 browned 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 well to combine all ingredients evenly.
04 - Bring the stew to a rolling boil, then immediately reduce the heat to low. Cover the pot with a tight-fitting lid and let it simmer gently for 2 hours, stirring occasionally to prevent sticking and ensure even cooking throughout.
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 and the broth has reduced and thickened to your desired consistency.
06 - Carefully remove and discard the bay leaves. Taste the broth and adjust the seasoning with additional salt and pepper as needed. Ladle the hot stew into bowls and serve immediately.