Heat up a large skillet over medium heat and add the ground beef. Season it with salt and pepper and cook until barely pink, and drain the fat as needed.
Add the diced onion, potatoes, and carrots. Continue cooking until the veggies are soft and the meat is cooked through. Add the minced garlic and cook for 30 seconds more.
Stir in the tomato sauce and beef broth. Add the cumin, dried oregano, and bay leaf, and bring to a simmer. Cover and let cook for 10 minutes.
Remove the lid, stir in the frozen peas, and continue cooking uncovered until the potatoes are tender and most of the liquid has cooked down.
Season with salt and pepper to taste.
Serve hot with tortillas or rice and enjoy!