Heat olive oil in a large pot over medium heat.
Add the lamb cubes and sear on all sides until browned.
Remove lamb and set aside.
In the same pot, add onions and garlic; sauté until translucent.
Stir in the tomato paste, cooking for 1-2 minutes.
Return the lamb to the pot and pour in the beef broth.
Add carrots, potatoes, thyme, and rosemary.
Season with salt and pepper to taste.
Bring to a boil, then reduce heat to low and cover.
Simmer for about 2 hours, stirring occasionally, until the lamb is tender.