In a medium saucepan, bring 2 cups of water to a boil. Add the rice, reduce heat to low, cover, and simmer for 18-20 minutes until the rice is tender and water is absorbed.

In a large pot, heat olive oil over medium heat. Add the black beans, vegetable broth, cumin, paprika, garlic powder, salt, and pepper. Stir to combine and simmer for 10-15 minutes, allowing the flavors to meld.

Once the rice is cooked, fluff it with a fork and serve it topped with the black bean mixture. Garnish with chopped cilantro, lime wedges, and sliced avocado if desired.