Soak beans overnight to soften and remove any small hard stones. The next day, drain and rinse soaked beans with fresh water.
To cook beans, place in a large pot and add enough water to cover the beans by two inches. Add minced garlic and 2 bay leaves.
Bring the pot to a boil then reduce heat to low and simmer until tender (90 minutes or up to two hours). Set aside once cooked.
In a large Dutch oven, heat olive oil over medium-high heat and sauté onions, peppers, and garlic. Add spices (salt through cayenne pepper) and continue stirring until vegetables have softened, 4-6 minutes.
Stir in rinsed (uncooked) rice and sauté for 2 minutes so that the rice starts to toast and lightly brown.
Pour in chicken broth and add reserved cooked black beans along with 2-bay leaves. Stir once then bring to a boil. Stir a second time then reduce heat to low and place a tightly fitting lid on the pot. Cook until liquid has been absorbed, about 15 minutes.
Use a fork to loosen the rice and bean mixture then serve with fresh cilantro and lime wedges.
Serve alone or as side dish with grilled shrimp, roasted salmon or pork tenderloin.
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