Heat 3 tbsp oil in a skillet over medium-high heat. Sear meat until it turns a nice brown color on all, about 10 minutes total. Transfer to a plate.
Add additional 1 tbsp oil to skillet and sauté until they turn a deep golden brown. Be sure to scrape up any brown bits from the bottom of the pan. Stir in garlic, ginger, and chili pepper for an additional minute. Stir in tomato paste and cook in minute more.
Add in tomato sauce, salt, paprika, and chili flakes. Cook 5 minutes. Stir in chicken broth, carrots, and add meat back in. Cook 5 minutes.
Add peanut butter and stir to thoroughly combine with the sauce. Cover and cook 1 hour. Add bell peppers and cook, covered, another 30 minutes.
Transfer to a serving bowl and garnish with chopped cilantro and peanuts.