Step 1

1 Place the beans in a 4- to 5-quart heavy pot along with the water, onion, green bell pepper and cubanelle pepper

Step 2

2 Bring to a boil over high heat, then reduce the heat to medium and cook, uncovered, for 1 hour 40 minutes to 2 hours, maintaining gentle bubbling, until the beans are tender yet still retain their shape (test the beans for doneness; the range in time depends somewhat on how fresh the beans are)

Step 3

3 Drain, reserving 4 cups of the cooking liquid

Step 4

4 Discard the flavoring vegetables; the yield of beans is 2 cups

Step 5

5 Rinse the rice in a fine-mesh strainer until the water runs clear

Step 6

6 Drain well

Step 7

7 Heat the oil in the same pot over medium heat

Step 8

8 Add the diced bacon and cook for about 3 minutes, until golden

Step 9

9 Add the onion, green bell pepper, cumin, oregano and bay leaf; cook for about 5 minutes, until the onion has softened

Step 10

10 Add the rice and stir to coat thoroughly

Step 11

11 Add the beans and their reserved cooking liquid, the sherry vinegar and salt

Step 12

12 Stir well, then taste for seasoning; add a dash more vinegar, cumin, oregano and/or salt, as needed

Step 13

13 The liquid should be flavorful

Step 14

14 Cook, uncovered, for 8 to 12 minutes, until most of the liquid has been absorbed and small holes have formed on the surface of the rice

Step 15

15 Fluff the rice with a fork, reduce the heat to the lowest setting, cover tightly and cook for 20 minutes

Step 16

16 Remove from the heat, uncover and let stand for at least 10 minutes before serving

Step 17

17 Discard the bay leaf

Step 18

18 Top each portion with cilantro leaves and serve with lime wedges, if desired