Sauté the sausage by heating olive oil in a large pot over medium heat. Add sliced smoked sausage and cook until browned on both sides for about 5-7 minutes.
Cook vegetables by stirring in diced onion, bell pepper, and minced garlic into the pot. Cook until softened for about 3-4 minutes while stirring occasionally.
Add spices by sprinkling ground cumin, smoked paprika, dried oregano, and chili powder over the sautéed vegetables. Stir well to combine all spices evenly for about 1 minute.
Combine ingredients by adding uncooked long-grain rice and drained black beans into the pot. Pour in low-sodium chicken broth and season with salt and black pepper to taste.
Simmer by bringing everything to a boil, then reduce heat to low, covering the pot tightly and letting it simmer until rice is tender for about 20 minutes.
Serve by fluffing up the rice mixture with a fork before garnishing it with chopped cilantro. Serve hot with lime wedges on the side.