In a large pot or Dutch oven, heat the vegetable oil over medium-high heat. Add the beef cubes and brown on all sides, about 5-7 minutes. Remove the beef and set aside.
In the same pot, add the chopped onion, garlic, and bell pepper. Sauté until the vegetables are soft, about 5 minutes.
Stir in the diced tomatoes and tomato paste, cooking for another 2 minutes until the tomatoes begin to break down.
Return the browned beef to the pot. Add the beef broth, cumin, chili powder, paprika, oregano, salt, pepper, and bay leaves. Bring to a boil.
Reduce the heat to low, cover, and simmer for 1.5 to 2 hours, or until the beef is tender. Stir occasionally and add more broth if needed.
If using, stir in the frozen peas during the last 10 minutes of cooking.
Remove the bay leaves before serving. Garnish with chopped cilantro.