Heat a large soup saucepan with a little olive oil and add the onions and bacon.
Stir for about 5-6 minutes, then add the peppers and continue to stir for another 4-5 minutes.
Then add the meat and paprika, stir for 1-2 minutes, then pour water to cover the meat.
Cover the pot with a lid and reduce the heat and let it cook for about one hour.
After 1 hour add the rest of ingredients such as garlic, caraway seeds, potatoes, bay leaf, tomato puree and salt.
Then continue to cook for another 30 minutes, until the potatoes are tender.
Season with salt and pepper, and serve hot.