1Adjust oven rack to the lower-middle position and heat the oven to 300 degrees.
2Dry the beef with paper towels, then season with salt and pepper. Heat 1 tablespoon of the oil in a large Dutch oven over medium-high heat until just smoking. Brown half of the meat, about 10 minutes, then transfer to a plate. Return the pot to medium-high heat and repeat with 1 more tablespoon of the oil and the remaining beef.
3Add the remaining tablespoon oil to the empty pot and return to medium heat until shimmering. Add the onions and cook until softened, about 5 minutes. Stir in the tomato paste and garlic and cook for 30 seconds. Add the flour and cook for 1 minute. Slowly stir in the wine, scraping up any browned bits. Stir in the broth, thyme, bay leaves and browned beef along with any accumulated juices. Bring to a simmer, cover and transfer the pot to the oven. Cook for 1 hour.
4Stir in the potatoes and carrots. Cover and continue to cook in the oven until the beef is tender, about 1 hour.
5Remove the pot from the oven and discard the bay leaves. Stir in the peas and let stand off the heat for 5 minutes. Season with salt and pepper to taste before serving.