Cook bacon on the stove in a large Dutch oven until crisp. Remove from the pot and reserve. Sear beef cubes in batches in the rendered bacon fat until well-browned.
Cook onions and celery in the drippings until softened and beginning to brown. Stir in garlic, tomato paste, and flour. Cook for 2 minutes, until fragrant.
Bring to a boil, cover, and transfer to a 325 degree F oven to cook for 90 minutes. Add the carrots and potatoes, cover, and cook for another 60-80 minutes, until tender.