Heat the oil in a large pot over medium-high heat. Add the beef and cook until browned on all sides, about 5-7 minutes.
Add the onions and garlic to the pot and cook until the onions are translucent, about 5 minutes.
Stir in the paprika, caraway seeds, and thyme and cook for another minute or two, until fragrant.
Add the tomato paste and stir to combine.
Pour in the beef broth and diced tomatoes, and bring the mixture to a simmer.
Reduce the heat to low and cover the pot. Cook for 1 hour, stirring occasionally.
Add the potato, carrot, and bell pepper to the pot and stir to combine.
Cover the pot again and continue cooking for another 30-45 minutes, until the vegetables are tender and the beef is cooked through.
Season with salt and pepper to taste.
Serve the goulash hot with crusty bread, pasta, or rice.