Place a large, deep saucepan or casserole over medium-high heat and add the olive oil.
Once hot, add the onion, peppers, carrot, and garlic.
Season generously with salt and pepper and cook, stirring occasionally, for 2-3 minutes until they begin to soften.
Sprinkle the smoked paprika and saffron over the vegetables and stir constantly for one minute until fragrant. This step blooms the spices and deepens their flavor.
Add the plantain chunks, vegetable stock, and bay leaf to the pot.
Stir everything together and bring the stew to a boil.
Once boiling, reduce the heat to low, cover, and let it simmer gently for about 30 minutes, or until the plantains are very tender.
Remove the pot from the heat and discard the bay leaf.
Taste the stew and adjust the seasoning with more salt and pepper if needed.
Serve hot, garnished with fresh cilantro and a wedge of lime on the side for squeezing.