Pat the beef cubes dry with paper towels and season with salt and pepper.
Heat 1 tablespoon of olive oil in a large heavy-bottomed pot or Dutch oven over medium-high heat.
Brown the beef in batches until a crust forms on all sides, then remove and set aside.
Add the remaining tablespoon of oil to the pot, then sauté the onion and garlic until softened, about 5 minutes.
Stir in the tomato paste and cook for 1 minute to caramelize.
Return the beef to the pot and pour in the beef broth, scraping the bottom to release any browned bits.
Add the thyme, rosemary, and bay leaf. Bring to a boil, then reduce heat to low and simmer, covered, for 1 hour.
Add the carrots, celery, and potatoes to the pot. Continue simmering, covered, for 45 to 60 minutes or until meat and vegetables are tender.
Stir in the frozen peas and cook for an additional 2 to 3 minutes.
Remove the bay leaf before serving.