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We study the recent outburst of the black hole candidate EXO 1846-031, which went into an outburst in 2019 after almost 34 yr in quiescence. We use archival data from the Swift/XRT, MAXI/GSC, NICER/XTI, and NuSTAR/FPM satellites/instruments to study the evolution of the spectral and temporal properties of the source during the outburst. The low-energy (2–10 keV) X-ray flux of the outburst shows multiple peaks, making it a multipeak outburst. Evolving type-C quasi-periodic oscillations are observed in the NICER data in the hard, hard-intermediate, and soft-intermediate states. We use the physical two-component advective flow (TCAF) model to analyze the combined spectra of multiple satellite instruments. According to the TCAF model, the accreting matter is divided into Keplerian and sub-Keplerian parts, and the variation in the observed spectra in different spectral states arises out of the variable contributions of these two types of accreting matter in the total accretion rate. Studying the evolution of the accretion rates and other properties of the accretion flow obtained from the spectral analysis, we show that the multiple peaks in the outburst flux arise out of the variable supply of accreting matter from the pile-up radius. We determine the probable mass of the black hole to be 10.4 − 0.2 + 0.1 M ⊙ from the spectral analysis with the TCAF model. We also estimate the viscous timescale of the source in this outburst to be ∼8 days from the peak difference of the Keplerian and sub-Keplerian mass-accretion rates. [ABSTRACT FROM AUTHOR]