Place a Dutch oven or a heavy-based pan on medium-low heat and add the meat along with the thyme.
Gently cook the meat until it releases its water and then evaporates again, for about 30 to 35 minutes.
Preheat the oven to 180 °C (350 °F).
Add olive oil (if necessary) and sauté the onions with garlic for a few minutes, stirring occasionally.
Add the peppers and sauté for another minute. Stir in the tomato paste along with the pepper paste, flour, salt, and pepper. Give them a quick stir.
Pour the stock and deglaze the bottom of the pan to release the tasty bits stuck to the bottom of the pan.
Add the carrots and then the potatoes, and give them a good stir.
Bring the Dutch oven to a boil and place it in preheated oven with the lid off.
Cook the dish for an hour and then add the peas to the pan.
Let it cook without covering the lid for another 15 to 20 minutes, or until the meat is tender and the stock has thickened.