In a large stock pot, heat oil over medium heat and sauté onions, stirring occasionally, until soft and translucent. Add garlic and sauté until fragrant, about 30 seconds.
Add paprika, cumin, water, beans, and salt, to taste. Stir and bring to a boil. Cover, reduce heat and simmer for 30 minutes. Remove the lid and continue to cook until beans are cooked through, about 30-60 minutes more.
Meanwhile, in a small pot, add rice and water or broth, bring to a boil, cover, reduce to low, and simmer for 20 minutes or until rice is cooked. Once cooked, season with salt to taste.
Serve rice and beans in a bowl with lime wedges, tortillas, chips, salsa, and any toppings you like!