Heat olive oil in a large Dutch oven or heavy-bottomed pot over medium-high heat. Add ground beef and cook for 5-7 minutes, breaking it apart with a wooden spoon until fully browned and no pink remains. Drain excess fat if needed.
Add diced onion and cook for 2 minutes until softened and fragrant. Stir in minced garlic and cook for another 30 seconds. This aromatic base creates incredible depth.
Sprinkle chili powder, cumin, paprika, and oregano directly onto the beef mixture. Stir constantly for 1 minute to bloom the spices and release their essential oils into your beef chili stew recipe. This step prevents raw spice flavor.
Pour in diced tomatoes with their juices, beef broth, and drained kidney beans. Add diced red bell pepper and carrots, then drop in the bay leaf. Stir everything together thoroughly.
Bring to a gentle boil, then reduce heat to medium-low and simmer uncovered for 25-30 minutes. The broth will reduce slightly and flavors will meld beautifully. Taste and adjust salt and black pepper as needed. Remove bay leaf before serving.