In a large Dutch oven, heat the olive oil over medium-high. Add stew meat and brown, turning regularly to brown on all sides. Remove the meat from the pot and set aside.
Reduce heat to medium. Add the green chilies, onion, banana peppers, garlic, paprika, and chili powder to the juices in the pot. Stir for 2-3 minutes. Add the beef back to the pot and stir in the broth. Cover and place in the oven for 3 hours.
Remove the pot from the oven and stir, breaking up the meat slightly. Serve the meat mixture in warmed corn tortillas topped with queso fresco and scallions.