Heat olive oil in a large deep skillet or Dutch oven over medium heat. Add the diced onion and cook, stirring occasionally, until softened and just starting to turn golden at the edges, about 6 minutes. Add the minced garlic and cook for 30 seconds until fragrant.

Add the rinsed rice to the pot and stir constantly for 2-3 minutes until the grains turn opaque and smell nutty. Stir in the smoked paprika, cumin, oregano, and tomato paste. Cook for 1 minute, scraping the bottom of the pot, until the tomato paste darkens slightly and coats everything.

Pour in the warm vegetable broth and stir well to dissolve any stuck bits. Add the bay leaf and salt. Bring to a full boil, then immediately reduce heat to low, cover tightly, and simmer for 15 minutes without lifting the lid. The liquid should be mostly absorbed and small steam holes will appear on the surface.

Remove the pot from heat. Quickly scatter the drained beans over the rice, re-cover, and let stand off the heat for 10 minutes. This finishes cooking the rice and warms the beans through without breaking them apart.

Remove the bay leaf and discard. Fluff the rice gently with a fork, folding the beans throughout. Taste and adjust salt as needed. Transfer to a serving dish and top with chopped cilantro. Serve with lime wedges for squeezing over each portion.