Heat vegetable oil in a large pot over medium heat. Add sliced shallots, garlic, and ginger, and sauté until fragrant.
Stir in the lemongrass, ground coriander, turmeric, cumin, chili powder, brown sugar, cinnamon stick, and lime leaves. Cook for another 2 minutes.
Add the beef chunks into the pot and toss to coat with the spice mix.
Pour in the coconut milk and water, and bring to a boil. Reduce the heat and let it simmer for about 2 hours or until the beef is tender, stirring occasionally.
Season with salt and black pepper to taste. Continue to simmer until the sauce is thick and dark, stirring frequently to prevent burning.
Serve hot with steamed rice.
Notes
This dish is best enjoyed the next day after the flavors have melded together overnight in the fridge.