Heat olive oil in a large pot over medium-high heat.
Add the beef cubes, salt, and pepper.
Brown the beef on all sides, which should take about 8-10 minutes.
Remove the beef and set it aside.
In the same pot, add the onions.
Cook until they become glossy and tender, stirring occasionally for about 4-5 minutes.
Stir in the paprika, making sure the onions are well-coated.
Add garlic and cook for 1 more minute, stirring constantly.
Return the beef to the pot along with any accumulated juices.
Stir in the tomato paste and beef broth.
Throw in the bay leaf and bring the mixture to a boil.
Reduce the heat to a simmer, cover, and cook until the beef is tender, about 1.5 to 2 hours.
Add the green bell pepper during the last 30 minutes of cooking.
Remove the bay leaf before serving.