Heat the vegetable oil in a large pot over medium heat.
Add the chopped onion and sauté until translucent.
Add the minced garlic and cook for another minute.
Stir in the beef cubes and brown on all sides.
Add the paprika and caraway seeds, stirring to coat the meat.
Pour in the beef broth and bring to a boil.
Reduce heat and let it simmer for about 1.5 hours, or until the beef is tender.
Add the potatoes, carrots, and bell pepper, and continue to simmer for another 30 minutes.
Season with salt and pepper to taste before serving.