Heat the vegetable oil in a large, heavy-bottomed pot over medium heat. Add the onions and sauté until they become translucent and slightly caramelized.
Add the minced garlic and cook for another minute, stirring frequently. Push the onions and garlic to one side of the pot and add the beef cubes.
Brown the beef on all sides, allowing it to develop a rich color and flavor. Sprinkle the sweet paprika and caraway seeds over the beef, onions, and garlic.
Stir well to coat the ingredients evenly and let them cook for a minute or two. Add the diced bell peppers, tomatoes, and potatoes to the pot. Stir everything together until well combined.
Pour in the beef broth, ensuring that it covers all the ingredients. Bring the mixture to a boil, then reduce the heat to low and cover the pot with a lid.
Let it simmer for about 1.5 to 2 hours, or until the beef is tender and the flavors have melded together. Season the goulash with salt and pepper to taste. Adjust the seasoning according to your preference.
Serve the goulash hot, garnished with a dollop of sour cream and a sprinkle of fresh parsley. Accompany it with crusty bread or buttered noodles for a complete meal.