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In a large pot (like a dutch oven or French oven) add 1 1/4 cup coconut milk and bring to a boil.
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Once boiling, add the curry paste, mix well, fully incorporating the paste into the milk.
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Add the honey, fish sauce, and lemongrass; mix well.
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Add the peanut butter and stir well, the color will change and become deeper/bolder
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Add the remaining coconut milk and return to a boil.
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Add the raw beef and bell peppers, return to a boil and cook for 8-10 or until the meat is cooked through. The sauce will thicken.
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Add the 1/4 cup cilantro.
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Serve over hot cooked rice and garnish with the reserved chopped cilantro.