In a large pot or Dutch oven, heat the olive oil over medium heat. Add the chopped onion and cook until softened, about 5 minutes.
Add the minced garlic and cook for another 1-2 minutes until fragrant.
Increase the heat to medium-high and add the beef stew meat to the pot. Brown the meat on all sides, about 5-7 minutes.
Once the meat is browned, add the beef broth and water to the pot, scraping up any browned bits from the bottom of the pot.
Stir in the diced tomatoes (with their juices), tomato paste, bay leaves, dried thyme, salt, and pepper.
Bring the stew to a simmer, then reduce the heat to low. Cover and let the stew simmer for 1.5 to 2 hours, stirring occasionally, until the meat is tender.
After the meat has cooked for about 1 hour, add the sliced carrots, cubed potatoes, and sliced celery to the pot. Continue to simmer until the vegetables are tender, about 30-45 minutes.
In the last 10 minutes of cooking, stir in the frozen peas and corn. Taste and adjust the seasoning with salt and pepper if needed.
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