In a dutch oven or stock pot, melt the butter over medium heat.
Add in the onions and allow to simmer until they turn slightly golden, about 6-7 minutes.
Reduce heat and stir in the paprika, beef, and garlic.
Cook on medium heat until beef is no longer pink, about 10 minutes.
Add in the peppers and cook an additional 5 minutes.
Add in the carrots, tomatoes, potatoes, beef broth, bay leaf, salt, and pepper.
Bring mixture to a boil, cover pot with lid, and reduce heat to medium low.
Allow to simmer for about 40 minutes.
Serve and enjoy!