In a large heavy-duty pot, heat the oil over medium-high heat. Add the onions and cook until soft, about 5-8 minutes.
Add the stew meat, a large sprinkle of both salt and pepper, and brown gently, stirring frequently to prevent the meat from sticking, about 10 minutes.
Add the paprika, thyme, and caraway seeds and mix well; cook for 1-2 more minutes and remove from the heat.
Pour in the beef stock; then whisk in the tomato paste until dissolved. Return to the heat and cook, covered, over low heat for 1-1½ hours, or until the meat is tender.
Add the peppers and potatoes to the pot and cook for 20-25 more minutes, stirring occasionally, until the veggies are done.
Adjust the seasonings and serve warm with crusty gluten-free bread, if desired.