In a large pot or Dutch oven, heat the vegetable oil over medium-high heat. Add the beef cubes in batches and sear until browned on all sides. Remove the beef and set it aside on a plate.
In the same pot, add the sliced onions and cook for about 5-7 minutes until they are soft and translucent.
Stir in the minced garlic, sweet paprika, smoked paprika, and caraway seeds. Cook for an additional 1-2 minutes until fragrant.
Return the browned beef to the pot. Add the diced bell peppers, sliced carrots, diced potatoes, beef broth, and diced tomatoes. Stir well to combine all the ingredients.
Season with salt and pepper to taste, then bring the mixture to a boil. Once boiling, reduce to a low simmer, cover the pot, and cook for about 1.5 to 2 hours or until the beef is tender and the flavors meld together. Stir occasionally.
Check the seasoning before serving. Adjust salt and pepper as needed.
Ladle the goulash into bowls and garnish with fresh parsley.
Notes
Serve with a dollop of sour cream and hearty bread for dipping.