Warm the vegetable oil in a large Dutch oven or heavy pot over medium heat. (If using pork lard, allow it to melt gently. Bacon fat can also be rendered for a richer base — cook it down for about 3 minutes.)

Generously season the beef cubes with salt and pepper. Place the beef into the pot and sear each side until browned, about 5 minutes total. Once browned, transfer the beef to a separate plate and set aside. (Though browning isn't strictly traditional, it locks in the juices beautifully for slow-cooked dishes.)

Add the chopped onions to the same pot and sauté for 5–6 minutes until they turn soft and translucent.

Remove the pot from the direct heat and stir in the Hungarian paprika. Stirring off the heat for about 1 minute allows the paprika to bloom without burning, preserving its deep, sweet flavor.

Return the pot to medium heat. Add the reserved beef along with the chopped bell peppers, garlic, diced tomatoes, beef broth (or water), bay leaves, and caraway seeds if using. Bring the mixture to a gentle boil, then immediately lower the heat to a simmer. Allow it to cook slowly for 1½ hours, stirring occasionally. During this time, the liquid will reduce and the flavors will intensify.

After the beef has simmered, add the chopped potatoes and carrots into the pot. If a thinner consistency is preferred, pour in an additional 1–2 cups of beef broth or water. Cover the pot and continue simmering for another 30 minutes, or until the vegetables are tender and the meat is fall-apart tender.

Season with additional salt and pepper to taste before serving. Enjoy warm, accompanied by fresh bread if desired.