In a large pot, heat 1 tablespoon of olive oil over medium heat. Add the chopped onion, garlic, green bell pepper, yellow bell pepper, and celery. Sauté until the vegetables are soft and the onion is translucent.
Add the soaked and drained black-eyed peas to the pot. Stir well to combine with the sautéed vegetables.
Pour in the diced tomatoes with their juices. Add the smoked paprika, cumin powder, cayenne pepper (if using), salt, and black pepper. Mix everything together.
Pour in the vegetable or chicken broth, ensuring that the black-eyed peas are covered with liquid. Bring the mixture to a boil, then reduce the heat to low, cover the pot, and let it simmer for about 45 minutes to 1 hour, or until the black-eyed peas are tender. Stir occasionally and add more broth if needed.
While the black-eyed peas are simmering, prepare the rice.
In a separate saucepan, heat the remaining 1 tablespoon of olive oil over medium heat. Add the rice and toast it for a couple of minutes, stirring constantly to prevent sticking.
Pour in 2 cups of water and a pinch of salt. Bring to a boil, then reduce the heat to low, cover the saucepan, and let the rice simmer for 18-20 minutes, or until it's tender and the liquid is absorbed. Remove from heat and let it sit, covered, for 5 minutes. Fluff the rice with a fork.
Once the black-eyed peas are tender, taste and adjust the seasoning if necessary. If the mixture is too thick, add a bit more broth or water.
Stir the rice into the black-eyed peas just prior to serving.