Slice the smoked sausage into half-inch rounds. In a large pot, heat olive oil over medium heat and brown the sausage until golden. Remove and set aside.
In the same pot, sauté diced onion and bell pepper for 3–4 minutes until soft. Add garlic, paprika, cumin, and chili powder. Stir until fragrant.
Add the rice and stir for 1 minute to toast. This enhances the nutty flavor and keeps the rice from becoming mushy.
Pour in the chicken broth and black beans with a bit of their liquid. Return the sausage to the pot. Stir everything together and bring to a gentle boil.
Reduce heat to low, cover, and simmer for about 20 minutes or until rice is tender and liquid is absorbed. Fluff with a fork and adjust seasoning.