Start by preheating your oven to 160°C (320°F). Season the lamb shanks generously with salt and pepper. Heat a tablespoon of olive oil in your Dutch oven over medium-high heat until shimmering.
Place the shanks in the hot oil, browning them on all sides for about 3-4 minutes each, until they develop a deep golden crust. This creates rich flavor and locks in juices. Remove and set aside.
In the same pot, add chopped onions and diced carrots. Cook, stirring occasionally, until softened and slightly caramelized—about 8 minutes. The kitchen will fill with a sweet, savory aroma.
Pour in the red wine, scraping up any browned bits from the bottom of the pot with a wooden spoon. Bring to a gentle simmer and cook for 5-7 minutes until the wine reduces slightly and becomes fragrant.
Add crushed garlic, rosemary, thyme, and bay leaf to the sauce. Stir to combine and release their fragrant oils.
Return the browned lamb shanks to the pot, nesting them into the sauce and vegetables. Pour in the stock, ensuring the meat is mostly submerged. Cover with the lid.
Transfer the Dutch oven to the oven and braise for approximately 2.5 to 3 hours. Check after 2 hours; the meat should be tender and falling off the bone. Occasionally turn the shanks and spoon sauce over them for even flavor absorption.
Once the meat is tender, carefully remove the shanks and tent with foil to rest. Keep the sauce simmering on the stove if it needs thickening—reduce until glossy and coats the back of a spoon.
Taste the sauce and adjust seasoning with a squeeze of lemon or a splash of vinegar if desired. Serve the lamb shanks with generous spoonfuls of the thickened sauce poured over, garnished with fresh herbs if you like.