Place a heavy-bottomed pan or Dutch oven over medium heat.
Season the beef with salt and pepper and add to the hot pan with a tablespoon of oil.
Cook until fully browned, stirring to break up any clumps as needed.
Remove the browned meat from pan and set aside.
Add olive oil and butter to the pan.
Once the butter is melted, add the onions. Cook the onions until golden brown, or about 6-8 minutes.
Add the garlic, paprika, and return the beef to the pan and cook for 2 minutes.
Add the carrots and just enough water to cover the mixture.
Bring to a boil. Once boiling, reduce to a simmer, cover and cook for 45 minutes.
Skim off any grease that has accumulated on top.
Add tomatoes and peppers and cook for 5 minutes.
Season again with additional salt, pepper, and paprika as needed before serving.