Start by finely dicing the yellow onion and red pepper. Mince the garlic cloves. Measure out all your spices and other ingredients to have everything ready for cooking.
In your Instant Pot, select the sauté function and add the olive oil. Once hot, add the diced onion and red pepper. Sauté for about 5 minutes until the vegetables are softened. Add in the minced garlic and sauté for an additional minute until fragrant.
Stir in the paprika, garlic powder, ground cumin, dried oregano, salt, and pepper. Cook for about 30 seconds to toast the spices and enhance their flavors.
Add the dried black beans to the pot, followed by the water and chicken or vegetable stock. Stir to combine. Then, add the chipotle peppers in adobo sauce and the bay leaf.
Seal the Instant Pot lid and set it to manual high pressure for 30 minutes. Once the cooking time is complete, allow for natural pressure release for about 15 minutes before carefully releasing any remaining pressure.
If using a slow cooker, combine all ingredients (including the sautéed vegetables and spices) in the slow cooker. Cook on low for 6-8 hours or on high for 3-4 hours, until the beans are tender.
Once the beans are cooked, remove the bay leaf and adjust the seasoning with salt and pepper to taste. Stir in the chopped cilantro and a squeeze of fresh lime juice if desired.