Gather the ingredients.
Melt the lard in a large stockpot or Dutch oven over high heat, taking care not to burn the fat. Add the onions, rutabaga, carrots, and leeks to the hot fat and brown for about 3 minutes, stirring constantly.
Remove the vegetables with a slotted spoon to a bowl. Add the beef to the pot and brown on all sides.
Return the browned vegetables to the pot with the bacon pieces, bay leaf, and thyme.
Cover the meat and vegetables with cold water and bring to a boil. Lower the heat and simmer for 2 hours, or until the beef is tender.
Remove the beef from the pot and reserve.
Add the potatoes, bring the stew back to a boil, and cook for 20 minutes, or until the potatoes are tender.
Once the beef is cool enough to handle, cut it into 2-inch cubes. Add back to the pot and cook for 10 minutes more.
Season well with salt and pepper and serve while piping hot.
