Start by finely dicing your yellow onion and red pepper. Mince the garlic cloves and set everything aside.
In your Instant Pot, select the ‘Sauté’ mode. Add the olive oil and let it heat up. Toss in the diced yellow onion and red pepper, sautéing for about 5 minutes until they are soft and fragrant. Add the minced garlic and continue to sauté for an additional minute.
Sprinkle in the paprika, garlic powder, ground cumin, dried oregano, salt, and pepper. Stir well to coat the vegetables with the spices and let them cook together for another minute.
Add the rinsed black beans to the pot, followed by the water, chicken or vegetable stock, chipotle peppers in adobo sauce, and bay leaf. Stir everything together.
For the Instant Pot, seal the lid and set it to cook on high pressure for 30 minutes. For slow cooker, cover and cook on low for 6-8 hours or on high for 3-4 hours.
Once cooked, remove the bay leaf and stir in the chopped cilantro if using. Adjust seasoning with salt and pepper, and add a splash of fresh lime juice.