Toss the beef stew meat with flour to coat evenly.
Heat olive oil in a large pot over medium-high heat. Add the beef in batches, searing on all sides until browned. Remove the beef and set aside.
In the same pot, add the onion and garlic, cooking until softened, about 3 minutes.
Return the beef to the pot. Add beef broth, red wine (if using), carrots, potatoes, thyme, bay leaf, salt, and pepper.
Bring to a boil, then reduce heat to low and simmer, covered, for about 1.5 to 2 hours, or until the beef is tender.
Add frozen peas and cook for an additional 5 minutes. Remove the bay leaf before serving.