Preheat your oven to 350 degrees F.
Heat the olive oil in a large pot over medium-high heat. Season the beef with salt and pepper and add half of it to the pot.
Cook each side of the beef cubes for about 3-4 minutes until browned. Remove and repeat with remaining meat.
Add chopped onions to the pot and cook until tender, about 5-6 minutes. Stir in minced garlic for 30 seconds.
Return all browned beef to the pot and sprinkle flour over while stirring to coat.
Pour in both broths and tomato paste, add potatoes, thyme, and carrots. Season with salt and pepper and bring to a gentle simmer.
Cover the pot tightly and place it in the preheated oven to cook for 2 ½ to 3 hours until meat and vegetables are tender.