Make sure all of your beef is cut into 1" pieces. Then, heat your olive oil in your pot on medium high heat.
Add half of your beef to your hot pan and sprinkle with half of the spices. You only want to add half of the beef to the pan so that each piece has space to brown on both sides. You want to sear each piece of beef and then remove it from the heat and add to a large plate or bowl.
Repeat with the rest of the beef and the rest of the spices. Remove the meat with a slotted spoon so that some of the oil stays in the pan and you can use those juices and oil to cook the onion.
Once the meat is removed, add the onion, celery, and garlic. Cook, stirring occasionally, until everything is soft. Then, add the tomato paste and stir until mixed.
Add the red wine and bring the mixture to a boil. This part ensures that the alcohol cooks out of the wine. Let it boil for 3 minutes, and then add the beef broth, Worcestershire sauce, and the bay leaves and continue to boil for another minute.
Add the beef and all the juices back to pot and bring to a boil. Reduce heat to low, cover your pan, and let it simmer for an hour and a half (90 minutes)
Add the potatoes and carrots and bring to a boil. Reduce the heat to low again, and then cover and simmer for another 40 minutes. After 35 minutes, check to see if your potatoes and carrots are super tender. You do not want them falling apart, but you want them to be tender.
Once your potatoes and carrots are done, add your frozen peas.
Combine the 1/4 cup of water and arrowroot powder in a measuring cup or small bowl and then stir it into your beef stew. Continue cooking, uncovered, until you see the sauce getting thick. Once your stew is ready, search for the bay leaves and remove them before serving.