Trim any excess fat from the beef chuck and cut into 1-inch cubes.
Heat the olive oil in a heavy-bottomed pot over medium-high heat.
Add the beef cubes in a single layer and sear until deeply browned on all sides, then remove the meat from the pot and set aside.
Lower the heat to medium and add the diced yellow onion and red bell pepper to the pot, sautéing for 5-7 minutes until softened.
Stir in the minced garlic, sweet paprika, smoked paprika, caraway seeds, sea salt, and black pepper, toasting the spices for 60 seconds until fragrant.
Return the browned beef to the pot and stir in the tomato puree and beef bone broth, scraping up any browned bits from the bottom.
Bring the liquid to a boil, then reduce heat to low, cover with a tight-fitting lid, and simmer for 45 to 60 minutes until the beef is fork-tender.
Remove the lid and simmer for an additional 5 minutes if a thicker sauce consistency is desired before serving.