Heat 1 tablespoon of olive oil in a large Dutch oven over medium-high heat. Add half the beef cubes and sear until browned on all sides, about 5 minutes per batch. Remove and set aside. Repeat with the remaining beef.
Sprinkle flour over the onions and garlic. Stir continuously while gradually adding beef broth and red wine, scraping any brown bits from the pot.
Return beef to the pot. Add carrots, potatoes, celery, and tomato paste. Stir in thyme and bay leaf. Bring to a simmer, then reduce heat to low, cover, and cook for 2 hours or until beef is tender.
Uncover, add peas. Season with salt and pepper to taste. Simmer for 10 more minutes. Remove bay leaf before serving.
Notes
To freeze, allow stew to cool completely before storing in airtight containers for up to three months. Reheat over low heat to enjoy your tender, flavorful beef stew at your convenience.