Heat 2 tablespoons olive oil in a large saucepan over medium-high heat.
Add the finely chopped onion and sauté until translucent, about 4–5 minutes.
Add the minced garlic and cook 1 minute more, stirring so it does not burn.
Stir in 1 1/2 teaspoons ground cumin and the 2 cups rice, coating the rice in the oil and toasting lightly for 1–2 minutes.
Pour in 4 cups chicken broth and add the drained, rinsed black beans; bring to a boil.
Cover, reduce heat to low, and simmer for 20–25 minutes until the rice is tender, stirring once halfway through.
Remove from heat and stir in 3–4 tablespoons lime juice and 4 tablespoons chopped cilantro or parsley; taste and season with salt and pepper as desired.