Gather the ingredients.
Heat a few tablespoons of olive oil in a large pot. Sauté the onion and garlic in the pan.
When onion is transparent, add peppers and continue to cook, stirring occasionally.
Salt the beef.
Add the beef chunks to the onion, garlic, and pepper mixture (also known as a sofrito), browning meat on all sides.
Add crushed tomatoes, carrots, potatoes, paprika, and bay leaf and stir.
Pour in enough water or beef broth to cover ingredients.
Turn up heat and bring to a boil, then lower heat.
Simmer loosely covered for 60 to 90 minutes. Add water as needed, stirring occasionally.
Lock on top and raise heat to high.
When pressure has built up, and it is "hissing," reduce the heat. Cook for 10 to 15 minutes at a steady pressure.
Remove from heat and release pressure.
Carefully remove the lid and check the meat. Meat should be tender.
Serve and enjoy!
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