Preheat oven to 325°F (165°C). Season the beef chunks with salt and pepper. Heat olive oil in a large Dutch oven over medium-high heat. Working in batches, sear the beef on all sides until browned, then transfer to a plate.

Add the sliced onions to the pot and cook, stirring frequently, until softened and beginning to caramelize. Stir in the minced garlic and cook for 1 minute longer. Pour in additional olive oil if needed, then sprinkle in the flour and stir constantly until the onions are well coated.

Add the tomato paste and mix thoroughly. Pour in the beef broth, stirring and scraping up any browned bits from the bottom of the pot. Stir in the diced tomatoes, Worcestershire sauce, browned beef, thyme, oregano, and bay leaves.

Mix everything well and bring the contents just to a simmer. Cover the Dutch oven with its lid and transfer it to the preheated oven. Bake for 1 hour.

After 1 hour, remove the Dutch oven from the oven. Stir in the chopped potatoes and carrots, mixing thoroughly. Cover and return to the oven for another hour.

Take the pot out of the oven, remove and discard the bay leaves, and add the frozen peas. Place the lid back on and let the stew sit for about 10 minutes to warm the peas through before serving.