In a large Dutch oven, heat the pot over medium heat and add the chopped bacon. Sauté the bacon for about 5–7 minutes until it's crispy and golden brown. Use a slotted spoon to transfer the bacon to a paper towel-lined plate, allowing it to drain while retaining the bacon fat in the pot.

In batches, add the stewing beef to the pot, ensuring not to overcrowd it. Sear the beef pieces on all sides for around 5–8 minutes, until they develop a rich brown crust. Once browned, transfer the beef to a plate and set aside; repeat until all beef is seared to perfection.

In the same Dutch oven, add the chopped onion, carrot, pearl onions, and minced garlic. Sauté for 3–5 minutes until the vegetables soften and the onions become translucent.

Stir in the chopped mushrooms, letting them cook down for about 3 minutes until they’re tender. Next, sprinkle the flour over the mixture and continue to cook for an additional 2 minutes, stirring consistently.

Return the crisped bacon and browned beef to the pot. Add the tomato paste, bay leaf, thyme, red wine, and beef broth. Stir everything until well combined and bring the mixture to a boil over high heat.

Cover the Dutch oven with a lid and transfer it to a preheated oven set at 325°F. Let it braise for 2½ hours, occasionally stirring every hour.

Once the cooking time is complete, remove the pot from the oven and discard the bay leaf. Ladle the Beef Bourguignon over creamy mashed potatoes or noodles.