In a non-stick pan or skillet, melt the 2 tbsp of butter over medium-high heat. Brown the beef evenly, then transfer it to a bowl and set aside.
In the same pan (don't discard the sauce from the beef for more flavor), add the remaining 2 tbsp butter and cubed bell peppers, onions, and minced garlic. Cover and cook for 10 minutes. Stir once at the 5-minute mark to prevent the seasoning vegetables from sticking.
Remove the cover and add the browned beef back into the pan. Then add the potatoes and the rest of the ingredients. Mix thoroughly to combine all the flavors.
Let the stew cook for 10–20 minutes or until the beef and potatoes are tender. Stir occasionally to ensure nothing sticks to the bottom.
Taste and adjust seasoning if needed. Add a bit more salt or crushed red pepper if you prefer a stronger flavor.
Serve the mild spicy beef stew hot over white rice because pairing it with rice is what makes it a perfect meal. Enjoy!