In a large heavy pot, heat the olive oil over medium-high heat.
Season the beef cubes with salt and pepper, then add them to the pot in batches. Brown the beef on all sides (about 5-7 minutes) and transfer to a plate.
In the same pot, add diced onion and garlic. Sauté until the onion becomes translucent, about 3 minutes.
Add the tomato paste, stirring to combine, and cook for an additional minute.
Return the browned beef to the pot and add the carrots, potatoes, beef broth, water, thyme, rosemary, and bay leaves. Stir well.
Bring to a boil, then reduce the heat to low. Cover and simmer for about 2 hours, stirring occasionally, until the beef is tender.
In the last 15 minutes of cooking, add the frozen peas. Remove the bay leaves before serving.
Adjust seasoning with additional salt and pepper if necessary.
Notes
Serve the stew in deep bowls, garnished with fresh parsley for a pop of color, and enjoy with crusty bread on the side.