Season beef cubes with salt and pepper. Heat 2 tablespoons olive oil in a large Dutch oven over medium-high heat and brown beef in batches, about 8 minutes total. Remove and set aside.
Add remaining oil to the pot and sauté onion and bell pepper until softened, about 5 minutes. Add jalapeño and garlic, cooking for 1 minute.
Stir in chili powder, cumin, smoked paprika, and cayenne pepper, cooking for 30 seconds until fragrant. Add tomato paste and stir to combine.
Pour in diced tomatoes and beef broth, scraping up any browned bits from the bottom. Return beef to the pot and bring to a boil.
Reduce heat to low, cover, and simmer for 1 hour, stirring occasionally.
Add potatoes and continue simmering covered for 30 minutes until potatoes are nearly tender.
Stir in kidney beans and pinto beans, cooking uncovered for 15 minutes until stew has thickened slightly. Adjust seasoning and serve with sour cream, shredded cheese, and fresh cilantro.