Start by patting your beef chuck cubes dry with paper towels. In a large bowl, combine the all-purpose flour, salt, black pepper, and onion powder. Toss the beef cubes in this seasoned flour mixture until each piece is evenly coated.
Heat 2 tablespoons of olive oil in your Dutch oven over medium-high heat. Add the beef cubes in batches to avoid overcrowding. Brown them on all sides, about 3-4 minutes per batch. Remove browned beef to a plate and set aside.
Reduce the heat to medium and add the remaining 1/2 tablespoon olive oil. Toss in the chopped onion and cook until softened and translucent, about 5 minutes. Stir in the minced garlic and cook for another 1-2 minutes until fragrant.
Pour in the red wine (if using) to deglaze the pot, scraping up browned bits from the bottom. Let the wine reduce by half, about 3-4 minutes. If skipping wine, add a bit of broth and scrape the bottom to lift the fond.
Return the browned beef to the pot. Stir in the tomato paste, coating the meat and onions evenly. Pour in the beef broth and add the carrots, potatoes, dried thyme, rosemary, and bay leaves. Stir to combine.
Bring the stew to a gentle boil, then reduce heat to low. Cover and let it simmer for 2 to 2 1/2 hours, stirring occasionally.
About 10 minutes before serving, stir in the frozen peas. Cover and cook until peas are heated through and tender. Remove bay leaves before serving.
Ladle the beef stew into bowls and enjoy the comforting warmth. Serve with your favorite sides.