Heat vegetable oil in a stock pot over medium-high heat. Saute onions and garlic.
Add beef and mix until brown. Cover for 5 minutes.
Remove cover after 5 minutes. Add the water. Cover and cook for an hour.
Remover cover and stir a little bit to make sure the beef did not stick in the pot. Add bouillon, tomato sauce and tomato paste. Mix well to blend, then add carrots, potato and green peas. Mix and cover.
Reduce heat to medium. Cook for another 10 minutes. Be sure that it won't dry out. Add more tomato sauce or a little bit of water if needed.
Remove cover. Mix and add brown sugar and sprinkle a pinch or two of chili powder. Mix to blend. Add the bell peppers and cook for additional 5 minutes.
After 5 minutes, it should be ready to serve. Serve with rice.