Begin by heating a large pot or Dutch oven over medium-high heat. Add the vegetable oil, and once hot, sear the beef cubes until browned on all sides. Work in batches if necessary to avoid overcrowding the pan. Remove the beef and set aside. This step locks in the meat's juices and enhances the stew's flavour.

In the same pot, lower the heat to medium and sauté the onions until translucent, about 5 minutes. Add the minced garlic and cook for another minute. Stir in the red and green bell peppers, allowing them to soften slightly while their natural sweetness develops.

Add the chopped tomatoes to the pot, stirring occasionally until they break down and form a rich base, about 7–10 minutes. Season this mixture with smoked paprika, ground cumin, salt, and black pepper. The spices add depth and warmth to the dish.

Return the seared beef to the pot, mixing it with the tomato and pepper base. Pour in the beef broth and water, ensuring the beef is mostly submerged. Bring to a simmer, cover, and reduce the heat to low. Let it cook gently for 30 minutes to tenderize the beef.

While the beef is simmering, prepare the vegetables. Dice the potato, sweet potato, and pumpkin into even-sized pieces for uniform cooking. Cut the ear of corn into four pieces. These vegetables give the stew its hearty, comforting texture.

After 30 minutes, add the diced vegetables, corn, and dried apricots to the pot. Stir gently to combine. Cover and continue to simmer for another 20 minutes or until the vegetables are tender but not falling apart. The apricots, while optional, add a traditional hint of sweetness that balances the savoury elements.

Stir in the cooked rice during the last 5 minutes of cooking, allowing it to absorb the stew's flavours. Taste and adjust seasoning as needed, adding more salt, pepper, or spices to your preference.

Ladle the Carbonada into bowls and garnish with freshly chopped parsley for a burst of colour and freshness. Serve with crusty bread to soak up the rich broth. For a traditional touch, pair the dish with a glass of Malbec wine or fresh fruit juice to complement its robust flavours.