Step 1

This recipe requires soaking the beans overnight. Day-old rice works best; in a pinch, cook the rice 2 hours ahead, spread it on a rimmed baking sheet, and let it cool before chilling it for 30 minutes. Worcestershire sauce can replace Salsa Lizano.

Step 2

Combine 1 quart cold water, beans, and ½ teaspoon salt in bowl, and soak at room temperature for at least 8 hours or up to 24 hours. Drain and rinse well.

Step 3

Remove thick stems from cilantro sprigs and reserve. Chop leaves and thin stems fine (you should have about ¾ cup) and refrigerate until needed. Using kitchen twine, tie reserved stems, thyme sprigs, and bay leaves into bundle.

Step 4

Melt 1 tablespoon lard in medium saucepan over medium heat. Add half of onion, half of garlic, 1 teaspoon salt, chili powder, pepper, coriander, and cumin, and cook, stirring frequently, until softened, 5 to 7 minutes. Increase heat to high; add drained beans, cilantro bundle, and 1¾ cups water; and bring to boil. Cover; reduce heat; and simmer, stirring occasionally, until beans are just soft and liquid begins to thicken, 1 to 1¼ hours. Remove from heat. (Beans can be refrigerated in their cooking liquid for up to 3 days.) Strain beans through fine-mesh strainer, reserving ½ cup of cooking liquid.

Step 5

Melt remaining 2 tablespoons lard in 12-inch skillet over medium heat. Add 1 cup red bell pepper, 1 cup yellow bell pepper, remaining ¼ teaspoon salt, remaining onion, and remaining garlic, and cook, stirring occasionally, until softened and lightly browned, 10 minutes. Stir in Salsa Lizano. Add rice and cook, stirring constantly and breaking up rice clumps until mixture is heated through, 1 to 2 minutes.

Step 6

Add beans and reserved cooking liquid. Gently fold beans into rice until combined and warmed through, 1 to 2 minutes. Off heat, add reserved chopped cilantro and remaining bell peppers. Season with salt and pepper to taste. Serve, passing hot sauce and Salsa Lizano separately.