Heat the oil over medium-high heat in a large pot or dutch oven.
Brown half the meat. Remove meat and brown remaining meat.
Return all the meat to the pot, adding onions and garlic.
Continue to cook on high for several minutes, stirring often.
Add tomato juice, beef broth, salt, and paprika.
Bring to boil, cover, and reduce heat to a simmer. Cook for about 40 minutes.
Add potatoes and peppers. Cook for a further 15 minutes or until the potatoes are tender.
Season with additional salt, pepper, and hot paprika, if desired.