Cook the bacon in a large, heavy-bottomed pot over medium heat until crisp (approx. 5 minutes). Remove the bacon with a slotted spoon and allow it to drain on paper towels.
Add the beef cubes, salt, garlic powder and pepper to the pot and sear over medium-high heat until crusty and browned (approx. 10 to 15 minutes).
Remove the meat with a slotted spoon and set it aside.
Add the butter to the pot, then saute the mushrooms until browned (approx. 5 to 10 minutes).
Add the carrots and pearl onions, and continue to saute until the onions have softened slightly (approx. 5 minutes).
Transfer the browned beef back to the pot, and stir in the tomato paste.
Sprinkle the flour on top, then stir until all the meat and vegetables are coated.
Stir in the wine and stock, add the herbs and orange peel to the pot, and bring the mixture up to a simmer.
Preheat the oven to 350 degrees F.
Place the pot in the hot oven (covered) and allow the stew to cook and reduce by about half (approx. 2 to 4 hours).
Remove any stems and peel before serving, and crumble the bacon on top.