Heat 2 tablespoons of olive oil in a large pot over medium heat. Add the lamb cubes, browning them evenly on all sides for about 5 minutes. Remove the browned lamb and set aside.

In the same pot, add the remaining olive oil. Sauté the onion and garlic for about 3 minutes until softened. Add the diced lamb kidneys and liver, cooking for another 4-5 minutes until browned. This will help build a rich flavour base.

Stir in the chopped tomatoes, green and red bell peppers. Cook for 5 minutes, allowing the vegetables to soften and release their juices. Season with smoked paprika, cumin, salt, and black pepper.

Return the browned lamb to the pot. Add the cubed potatoes and bay leaf, stirring well to combine the flavours. This layering ensures that the stew develops depth and complexity.

Pour in the water or lamb stock, ensuring all ingredients are covered. Bring the mixture to a gentle simmer, then cover the pot and cook on low heat for 1 hour, stirring occasionally.

Taste the stew and adjust the seasoning as needed. If a thicker consistency is desired, uncover the pot and simmer for an additional 15 minutes to reduce the liquid.

Remove the bay leaf before serving. The potatoes should be tender, and the lamb should be meltingly soft.

Serve the Chanfaina hot, garnished with chopped fresh parsley. Accompany with crusty bread to soak up the rich sauce. For an added touch, drizzle a bit of extra virgin olive oil over the top before serving.