Prepare the Ingredients
Dice the onions.
Cut the beef into 1-inch cubes.
Peel and cube the potatoes.
Peel and slice the carrots.
Dice the tomatoes and bell pepper.
Build the Flavor Base
Heat the oil or lard in a large Dutch oven or heavy-bottomed pot over medium heat.
Add the onions and cook until golden brown, about 8–10 minutes.
Add the beef cubes and sear until browned on all sides.
Add the Paprika and Broth
Remove the pot briefly from the heat and stir in the Hungarian sweet paprika.
Mix quickly to coat the beef and onions, ensuring the paprika does not burn.
Add a small splash of broth and scrape up any browned bits from the bottom of the pot.
Simmer and Add Vegetables
Pour in the remaining broth and bring the mixture to a gentle boil.
Add the potatoes, carrots, tomatoes, garlic, bell pepper, bay leaves, salt, and black pepper.
Stir well to combine.
Cook Until Tender
Reduce the heat to low and cover the pot.
Simmer for 1½ to 2 hours, stirring occasionally, until the beef is fork-tender and the vegetables are soft.
Serve and Enjoy
Remove the bay leaves.
Ladle the goulash into serving bowls.
Garnish with fresh parsley if desired.
Serve hot with crusty bread, egg noodles, or dumplings.