Heat 1/3 cup vegetable oil in a 12-inch skillet with lid or 4-quart saucepan over medium-high heat. Dice 1 medium white onion and add to the pan. Cook until the onion starts to soften, stirring frequently, about 5 minutes.
Stir in 2 cups long grain white rice and cook, stirring frequently, until the rice is golden and toasted, about 3 to 4 minutes.
Add in 4 teaspoons minced garlic, 2 teaspoons ground cumin, and 2 teaspoons chili powderook for 1 minute, stirring constantly, until fragrant.
Drain and rinse 1 (15 ounce can) black beans. Add to the pan along with 1/4 cup tomato sauceand 3 cups chicken broth. Stir to combine and bring to a boil.
Once boiling, cover the pan with a lid and reduce the heat to low. Simmer for 20 minutes, until the rice is cooked through. Turn off the heat and let it sit, covered, for 10 minutes.
Use a fork to fluff the rice. Serve garnished with 2 tablespoons chopped fresh cilantro. Cut 1 medium lime into wedges for squeezing over the top. Season with salt, to taste.
Notes
The salt content of black beans and chicken broth varies so keep that in mind and add additional salt as needed.