Sear the beef. Add 2 tablespoons of the olive oil to a large skillet and heat over medium-high heat. Add the stew meat and cook until browned on all sides, about 5 to 7 minutes. Transfer the beef to a plate and set aside. You might have to do this in batches, you don't want to overcrowd the meat in the pan. If doing in batches, only add 1 tablespoon of oil at a time.
Cook the veggies. Drizzle the remaining olive oil to the skillet. Add the onion, bell pepper and cook for about 3 minutes until the onion becomes translucent. Add the garlic and cook for another minute until aromatic. Stir in the tomatoes and cook for another minute.
Add the spices. Season with salt, pepper, cumin and chili powder. Stir well. Add the tomato paste and crumble up the beef bouillon, stir, scraping up the browned bits from the bottom of the pan.
Start the gravy. Sprinkle the flour over the veggies and stir well while cooking for another 1 to 2 minutes to remove the raw flour taste. Add a cup of the beef broth and stir everything together. The mixture should start to thicken from the flour.
Add the beef and cook. Add the beef back to the skillet then another 2 cups of beef broth, stir until combined. Cover and cook for 1 and a half hours or more until the meat falls apart, over low heat, stirring occasionally. Add more beef broth if gravy is too thick.
Garnish and serve. Taste for seasoning and adjust with salt and pepper as needed. Garnish with cilantro and serve alongside with rice and tortillas.