In a medium saucepan, heat olive oil over medium high heat. Add onion, peppers and garlic, stir for 2 to 3 minutes. Add rice. Cook, stirring occasionally, until rice is completely coated in oil, about 2 minutes. Season with cumin, oregano, paprika, and salt and pepper.
Add tomato paste, cook for 1 to 2 minutes. Add chicken stock and beans. Bring to a boil and reduce heat to low. Cover and simmer for 15 to 20 minutes. Remove from heat, keep covered, and let stand for at least 5 minutes. Fluff with fork.