Step 1

Heat 1 tablespoon oil in a Dutch oven over medium heat. Add bell pepper, onion, and garlic. Cook until onions are tender and start to caramelize around the edges, about 5 minutes. Add diced tomatoes.

Step 2

Combine flour, smoked paprika, sweet paprika, oregano, cumin, salt, and pepper in a resealable plastic bag. Add beef stew meat and shake to coat.

Step 3

Heat remaining oil and butter in a skillet over medium-high heat and brown coated beef on all sides, 3 to 5 minutes per side.

Step 4

Transfer browned stew meat to the Dutch oven. Add water and vinegar; stir to combine. Cook over low heat for 1 1/2 hours.

Step 5

Remove the lid and add olives. Cook stew for an additional 30 minutes. Adjust seasonings to taste.