Step 1

Set aside about 3 tablespoons coconut milk. Heat the rest in a medium saucepan or wok until small pools of oil appear on the surface. Add the curry paste and stir well to incorporate. Cook until aromatic, 4-5 minutes.

Step 2

Add the beef and simmer until nearly cooked through, about 2 minutes. Add bell pepper, fish sauce, and sugar. Let simmer for a few minutes, then taste, adding fish sauce or sugar as needed. Add kaffir lime (if using basil, do not add until step and simmer until aromatic, 1 to 2 minutes longer.

Step 3

Remove from heat and top with peanuts, chile pepper, and fresh basil leaves if using. Spoon the reserved coconut milk over top and serve with rice.