Heat 1 tablespoon of olive oil in a large Dutch oven or soup pot over medium-high heat. Pat the beef dry with paper towels and season with salt and pepper.
Add the beef to the pot in batches, searing until browned on all sides. Remove the browned beef and set aside.
Add the remaining tablespoon of olive oil to the pot. Add the diced onion, carrots, and celery. Sauté for 5-7 minutes until the vegetables begin to soften.
Stir in the minced garlic and cook for another minute until fragrant.
Pour in a small amount of beef broth to deglaze the pot, scraping up any browned bits from the bottom with a wooden spoon.
Return the beef to the pot along with the remaining beef broth, diced tomatoes, dried thyme, and bay leaf. Bring the mixture to a boil.
Reduce heat to low, cover, and simmer for 45 to 60 minutes, or until the beef is starting to become tender.
Stir in the pearl barley and corn. Cover and continue to simmer for another 45-50 minutes, or until the barley is soft and the beef is fork-tender.
Remove the bay leaf. Taste and adjust seasoning with additional salt and pepper if needed before serving.