In a pan, bring 2 cups of water to boil, add washed rice and cook it. Meanwhile, heat the oil in a skillet or a pot over medium heat. Add about 1.5 cups of red onion, and sautee for a few minutes until tender, about 5-7 minutes.
Now put the banana peppers, garlic, cumin powder & oregano. Cook, stirring continuously until fragrant for about 60 seconds.
Stir in the beans along with the liquid, and the remaining 1/2 a cup of water and salt. Reduce the heat and simmer for about 7 minutes, so that all the flavors marry. Remove from the heat, stir in vinegar and 1/3 cup of chopped cilantro.
To serve, put the rice on to the plate and spoon the beans over it. Sprinkle the chopped onion and cilantro. Squeeze fresh lime juice and serve hot.