Heat the olive oil in a large pot or Dutch oven over medium heat.
Add the chopped onion and bell pepper. Cook until softened, about 5 to 7 minutes.
Stir in the minced garlic, cumin, chili powder, oregano, and smoked paprika. Cook for 1 minute until fragrant.
Add the rinsed black beans, rice, vegetable broth, and water to the pot. Stir everything together.
Bring the mixture to a boil. Once boiling, reduce the heat to low, cover the pot tightly, and simmer for 18 to 20 minutes, or until the rice is tender and the liquid is absorbed. Do not lift the lid during simmering.
Remove the pot from the heat and let it stand, covered, for 5 minutes.
Fluff the rice mixture gently with a fork. Season with salt and pepper to your preference.
Serve hot with optional toppings like cilantro and lime wedges.
Notes
For a richer flavor, substitute the vegetable broth with chicken broth if you are not preparing a strictly vegetarian meal.
If you prefer a spicier dish, add 1/4 teaspoon of cayenne pepper with the other spices.
This recipe works well with dried beans if you soak them overnight and cook them separately before adding them to the pot.