Melt the pork lard in a Dutch oven over medium-high heat and cook the onion until they begin to brown (about 10 minutes).
Add the beef pieces and cook until beef is browned all over (about 2 minutes per side).
Add the peppers, tomatoes, carrots, and garlic and cook for another 10 minutes.
Remove from heat and add the paprika, salt, pepper and caraway seeds.
Add the beef broth and bay leaves, return to the stove and bring to the boil. Reduce heat to medium and simmer for about an hour.
Add the potatoes, return to a boil, reduce the heat to medium, cover and simmer for another 30-40 minutes. Add salt and pepper to taste.
Serve with a dollop of sour cream and crusty fresh bread.