In a large pot, heat the olive oil over medium heat. Add the chopped onion and bell pepper, sautéing until softened, about 5 minutes.

Add the minced garlic, cumin, and smoked paprika. Stir for about 1 minute until fragrant.

Drain the soaked black beans and add them to the pot. Pour in the vegetable broth, add the bay leaf, salt, and black pepper.

Bring the mixture to a boil, then reduce heat to low. Cover and simmer for about 30-35 minutes, or until the beans are tender. Stir occasionally and add more broth if necessary.

While the beans are cooking, rinse the rice under cold water until the water runs clear to remove excess starch.

In a medium saucepan, combine the rinsed rice, water (or broth), and salt. Bring to a boil over high heat.

Once boiling, reduce the heat to low, cover, and simmer for about 15-20 minutes, or until the rice is tender and the liquid is absorbed.

Remove from heat and let it sit covered for 5 minutes. Fluff with a fork before serving.

Once the beans are cooked and tender, remove the bay leaf and adjust seasoning if necessary.

Serve the black beans over a bed of rice. Garnish with chopped cilantro, lime wedges, and sliced avocado.

Enjoy your delicious black beans and rice!