If using meat, heat the vegetable oil in a large pot over medium-high heat.
Add the beef or lamb pieces and cook until browned on all sides. Remove the meat and set aside.
In the same pot, add the chopped onion and sauté until golden brown, about 5-7 minutes.
Add the minced garlic and cook for another minute.
Stir in the chopped tomato and tomato paste. Cook until the tomato begins to break down and the mixture thickens, about 5 minutes.
Add the ground cumin, ground coriander, ground cayenne pepper (if using), paprika, salt, and ground black pepper. Cook for another 2 minutes.
Return the browned meat to the pot (if using).
Add the soaked black-eyed peas and stir to combine.
Pour in the water or vegetable broth and bring to a boil.
Reduce the heat to low, cover, and simmer for about 45 minutes to 1 hour, or until the black-eyed peas are tender. Stir occasionally to prevent sticking.
Add the chopped bell pepper and carrots to the pot. Continue to simmer for another 15-20 minutes, or until the vegetables are tender.
Taste and adjust seasoning as needed.
Garnish with chopped fresh parsley or cilantro.
Enjoy your meal!