In a Dutch oven, add bacon slices and fry until fully cooked and crispy. Do not discard the bacon fat. Transfer the bacon slices to a paper towel-lined plate to drain. Roughly chop them and set aside.
In the same Dutch oven with the bacon fat, add green peppers and onions. Sauté for about 3 minutes. Add garlic and cook for 30 seconds.
Add rice, black beans with the liquid from the can, water, cumin, oregano, bay leaf, salt and pepper. Cover, reduce heat to simmer, and cook for 40 minutes. DO NOT OPEN THE LID. The steam is what cooks the rice.
After 40 minutes, remove from heat. Keep the lid on for another 10 minutes. Fluff with a fork then stir in the chopped bacon. Serve and enjoy!
If you have the time, you could use dry beans using the following method.
Soak 6 ounces of dry black beans in a pot full of 3 cups of water overnight.
The next day, drain and then add 5 new cups of water to the pot.
Bring to a boil and cook them for 60 minutes, stirring frequently. Be careful not to let the beans dry out completely.
You can add 1 cup of water if they are absorbing the water too quickly. Make sure to keep an eye on them.
After softening them for 60 minutes, drain and transfer to a bowl then continue the recipe as it is stated below.
In step 3 of the recipe, make sure to use the softened black beans, not the canned beans.