Heat olive oil in a large skillet over medium heat.
Add the diced onion and bell pepper; cook for 5-7 minutes until softened.
Stir in the minced garlic, cumin, and chili powder; sauté for 1-2 minutes until fragrant.
Incorporate the diced sweet potatoes; mix well.
Pour in 2 cups of water and bring to a boil; reduce heat, cover, and simmer for 15-20 minutes.
After 15 minutes, add the black beans and cooked rice; stir gently to combine.
Season with salt and pepper; taste and adjust seasoning as needed.
Serve hot, garnished with fresh cilantro.