Melt lard in a large pot over medium heat. Cook and stir onions in hot lard until soft and translucent, 5 to 8 minutes.
Stir beef and paprika into onions. Reduce heat to low and simmer for 1 hour, stirring occasionally. Add water and simmer, adding more water if moisture gets too low, until meat falls apart and onion sauce is thick, about 1 hour more. Season with salt and pepper to taste.