Season the beef with salt and pepper to taste.
In a Dutch oven or wide pan over high heat, heat oil. Sear the beef in batches until browned. Remove from the pan and set aside.
Add more oil to the pan as needed. Add onions and bell peppers until softened. Add garlic and continue sauteing until fragrant.
Add tomatoes and cook, mashing with the back of a spoon, until softened and release juice.
Sprinkle in flour and stir.
Slowly pour in the broth, whisking to prevent lumps. Bring to a boil until slightly thickened.
Add tomato paste, chili powder, cumin, and oregano. Return the beef and stir to combine.
Lower heat, cover, and simmer for about 1 ½ to 2 hours or until the meat is very fork tender, adding more water in ½ cup increments if needed.
Add potatoes and cook for about 8 to 10 minutes or until tender and the sauce is thickened.
Season with salt and pepper to taste. Serve hot.