Heat 2 tablespoons of oil in a large pot over medium-high heat until shimmering. Place the beef chuck roast in the pot and brown it in batches for about 5 minutes per side.

Remove the beef and add the chopped yellow onion and minced garlic. Stir until onions become translucent, about 3-4 minutes.

Fold in the chopped bell peppers and sauté for another 2 minutes until they start to soften.

Stir in the tomato paste, cumin, and paprika, cooking for about a minute, then pour in the beef broth and scrape browned bits off the bottom.

Return the seared beef to the pot, bring to a boil, reduce to low, cover, and simmer for 2 hours.

Remove from heat and serve hot over rice or in tortillas. Garnish with chopped cilantro if desired.