Prep the beef: Toss beef cubes with flour to evenly coat.
Brown the beef: In a large pot, heat olive oil over medium-high heat. Add the beef and brown on all sides.
Sauté vegetables: Add onions and garlic to the pot and sauté until onions are translucent.
Simmer: Pour in beef broth and water, bring to a boil, then reduce to a simmer.
Add vegetables and seasonings: Add carrots, potatoes, thyme, bay leaves, salt, and pepper. Cover and simmer for 1.5 hours, or until beef is tender.
Finish with peas: Stir in frozen peas and cook for an additional 10 minutes. Remove bay leaves before serving.