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Melt the pork lard or butter/oil in a Dutch oven or other heavy soup pot over medium high heat and cook the onions until beginning to brown, about 7-10 minutes.
Add the beef and cook until the beef is just starting to brown, 7-10 minutes.
Add the bell peppers, tomatoes, and garlic and cook for another 6-8 minutes.
Remove the pot from the heat and stir in the paprika, salt, pepper and caraway (if using).
Add the beef broth, bay leaf, return to the stove and bring to a boil.
Reduce the heat to medium, cover and simmer for 40 minutes.
Add the carrots and potatoes.
Return to a boil, reduce the heat to medium, cover, and simmer for another 30-40 minutes or until the beef is nice and tender.
Add salt to taste.
Remove the bay leaf.