Heat the olive oil in a large pot over medium-high heat. Once hot, add the beef and sear until browned on all sides. Remove the beef and set aside.
In the same pot, add the diced onion, bell pepper, and garlic. Sauté until the onion is translucent, about 5 minutes.
Stir in the diced tomatoes, tomato paste, cumin, chili powder, oregano, salt, and pepper. Cook for another 2 minutes to combine the flavors.
Return the browned beef to the pot, along with the beef broth, bay leaves, carrots, and potatoes. Stir well to combine.
Bring the mixture to a boil, then reduce the heat to low. Cover and let it simmer for about 1 hour and 15 minutes, or until the beef is tender and the flavors meld together.
Remove the bay leaves before serving. Taste and adjust seasoning if necessary.
Serve Carne Guisada over white rice or with warm tortillas for a complete meal.