Heat olive oil in a skillet over medium heat.
Brown the beef cubes on all sides, then transfer to the crock pot.
Add the chopped onion and minced garlic to the skillet and sauté until softened.
Add sautéed onion and garlic to the crock pot.
Layer the sliced carrots and diced potatoes over the beef.
In a bowl, mix the beef broth, tomato paste, thyme, salt, and pepper.
Pour the broth mixture over the ingredients in the crock pot.
Cover and cook on low for 8 hours or high for 4 hours.
Stir the stew halfway through cooking to combine flavors.
Adjust seasoning before serving.