Pat the beef cubes dry with paper towels. Season generously with Adobo seasoning and black pepper. In a large Dutch oven, heat the olive oil over medium-high heat. Working in batches, sear the beef on all sides until well-browned. Remove the beef from the pot and set aside.

Reduce the heat to medium. Add the chopped onion and bell pepper to the pot, scraping up any browned bits from the bottom. Cook until softened, about 5-7 minutes. Add the minced garlic and cook for another minute until fragrant.

Stir in the sofrito and tomato paste, cooking for 2-3 minutes until the paste darkens slightly. Add the Sazon seasoning packet and stir to combine.

Return the seared beef to the pot. Pour in the beef broth, then add the green olives and bay leaves. Stir everything together. Bring the mixture to a simmer, then reduce the heat to low, cover, and let it cook for 1.5 hours, stirring occasionally.

Add the cubed potatoes and sliced carrots to the stew. Stir, cover, and continue to simmer for another 45-60 minutes, or until the beef is fork-tender and the vegetables are cooked through.

Remove the bay leaves. Taste the stew and adjust seasoning with more Adobo or salt if needed. If the stew is too thin, allow it to simmer uncovered for 15-20 minutes to reduce. Garnish with fresh cilantro before serving.