Heat the oil in a large skillet over medium-high until shimmering.
Add the chopped red bell pepper and chopped onion and sauté, stirring occasionally, until the pepper is soft and the onion is translucent, about 6–8 minutes.
Add the minced garlic and cook, stirring, for about 1 minute until fragrant.
Stir in the cooked black beans, the reserved 3/4 cup bean cooking liquid, and the Salsa Lizano; bring to a gentle simmer.
Simmer the mixture for about 5 minutes, stirring occasionally, until slightly thickened and some liquid has evaporated.
Gently fold in the cooked rice and continue to cook, stirring, until the rice is heated through and most of the liquid is absorbed, about 3–5 minutes.
Remove from heat, stir in the chopped cilantro, taste, and adjust seasoning with additional Salsa Lizano if desired, then serve.