Heat a 6 qt dutch oven or stock pot over medium heat.
Once hot add in the bacon and cook stirring often until browned and crispy. Using a slotted spoon remove the bacon to a plate. Leaving the fat in the pot.
In a large resealable plastic bag mix together the flour, 1/4 tsp kosher salt and 1/4 tsp black pepper. Add in the cubed meat, seal the bag and shake until the meat is well coated.
Put half of the meat into the fat in the dutch oven. Allow it to cook on the first side until nice and brown, about two minutes. Turn the meat over and cook on the next side an additional two minutes or until well browned. Remove the meat to the plate with the bacon. Put 1 tbsp of olive oil into the pan and allow it to get hot, about thirty seconds or so. Then add in the next batch of meat and cook the same way as you did with the first half. Remove all the meat to the plate with the bacon.
Add in 2 tbsp olive oil to the pot, then toss in the onion, potato and carrots. Add in 1 tsp kosher salt and 1/2 tsp black pepper. Allow the vegetables to cook until slightly softened about five to seven minutes.
Add in the garlic and tomato paste. Mix these around with the vegetables.
Pour in the 1/2 C of red wine and using your wooden spoon, scrape the bottom of the pot to release the fond (brown bits). Once the fond has released from the bottom of the pan, add in the meat, bacon, thyme, bay leaves, tomatoes with their juices, beef broth and 2 cups of water. Stir well, bring to a boil, then reduce the heat to low and cover. Cook for 1 hour and 45 minutes.
Add in the 1 C of green peas, then cook an additional 15 minutes covered.
Turn the heat off and serve in bowls with crusty white bread.