Melt the lard or butter in a Dutch oven over medium high heat and cook the onions until beginning to brown, about 7-10 minutes.
Remove from heat and stir in the paprika. Add the beef and garlic, return to the heat, and cook for about 10 minutes, or until the beef is no longer pink.
Add the bell peppers and cook for another 7-8 minutes.
Add the carrots, tomatoes, potatoes, beef broth, bay leaf, salt and pepper.
Bring to a boil, cover, reduce the heat to medium, and simmer for 40 minutes (see note).
Add salt to taste.
Serve with a dollop of sour cream, some crusty bread, and a cool cucumber salad.