Rinse and clean the beans then place into 8 cups of water in a heavy pot. Bring to a boil, then reduce to simmer and cook until tender, about 1 to 2 hours, depending on the beans.
Heat two tablespoons of olive oil and bacon and cook until bacon is crispy. Add the onion, all the bell peppers and garlic, and sauté until soft. Add the bay leaves, tomato paste and cumin. Stir and remove from heat.
Drain the cooked beans but reserve 1 cup of the liquid. Add three cups of water to the reserved liquid (for a total of 4 cups) and set aside.
Place beans, sofrito, and uncooked rice in heavy pot and cook for 1 minute, stirring to combine. Add the 4 cups of water to the pot. Season with salt and pepper, to taste. Bring to a boil then reduce to a simmer, cooking until all the water is absorbed. Remove from heat, fluff with a fork, and serve. Drizzle with extra olive oil.