Soak the beans overnight in water in a large soup pot, with enough water to cover completely plus 3 inches.
Drain the beans. Add 5 cups fresh water and the bay leaves to the beans. Bring to a boil; cover, reduce heat, and simmer 1 to 1 1/4 hours, or until the beans are very tender.
After the beans have cooked for 45 minutes, heat the oil in a large nonstick skillet over medium-low heat; add the onions, peppers, garlic, cumin, vinegar, and paprika (or sazon completa). Simmer gently, covered, for 15 to 20 minutes, until the onions are tender.
Remove 1/2 cup of cooked beans from the pot; crush gently with the back of a spoon; add the crushed beans back to the pot (this thickens the juice). Add the cooked onion mixture to the beans; cover and simmer gently for 20 minutes (add additional water as needed to ensure there is just enough for the beans to simmer).