Preheat the oven to 300 degrees . In a large ovenproof pot, heat 2 tbsp. oil over medium-high. Season the beef with salt and pepper. Working in batches, brown the beef all over, 8 minutes per batch; transfer to a plate.
In the same pot, heat the remaining 1 tbsp. oil over medium. Add the carrot, onion, garlic, paprika and bay leaves and cook, stirring occasionally, 5 minutes. Stir in the tomatoes, 1 1/4 cups water and the beef and any juices; season.
Bring the stew to a simmer; cover and transfer to the oven. Cook until the beef is fork-tender, 1 1/2 to 2 hours; season.
Prepare the rice according to package directions, stirring in the bell pepper at the beginning of cooking. Before serving, reserve 1 cup cooked rice, 2 cups cooked beef and 2 cups cooking liquid for the Beef & Pepper Jack Enchiladas. Divide the rest of the rice and stew among bowls; sprinkle with the olives.