Cut beef into 1-1 1/2" sized cubes
Heat oil in a large saucepan and peel and dice the onion, quarter the tomato and add vegetables, including the banana pepper to saucepan and cook until the vegetables get soft
Remove pan from heat and add paprika, salt and caraway seeds
Then add cubed beef and return to medium high heat
Cook until the juices start to release from the beef, then turn down and simmer, covered, for about 1 and 1/2 hours, or until the beef is tender.