In a large saucepan, heat the olive oil over medium heat.
Add the onion, garlic, and green bell pepper and sauté for 2-3 minutes until the vegetables soften.
Add the rice to the saucepan and stir to coat it with the oil and vegetable mixture.
Add the black beans, cumin, smoked paprika, salt, and pepper to the saucepan and stir everything together.
Pour in the chicken or vegetable broth and stir everything together one more time.
Bring the mixture to a boil over high heat.
Reduce the heat to low, cover the saucepan with a lid, and simmer for 20-25 minutes until the rice is fully cooked and the liquid has been absorbed.
Remove the saucepan from the heat and let it sit for 5 minutes.
Fluff the rice with a fork and serve hot.