In a large skillet, cook the bacon over medium heat until crisp. Transfer to a plate lined with paper towels and reserve the drippings. (Alternatively, you may drain the grease and coat the skillet with 2 tablespoons of olive oil. If using the cooked meat option, add the olive oil to the pan.)
Sauté the onion until softened and beginning to turn golden, about 4-5 minutes. Add the bell pepper and sauté to soften, 1-2 minutes more, and then add the cumin, cooking for 1 minute or until fragrant.
Add the rice and beans to the skillet, tossing to incorporate the onion mixture and to warm through, sprinkling with salt and pepper to taste. (I use about 1/2 teaspoon, plus a pinch or two, of kosher salt and 1/4 teaspoon of pepper.) Transfer the rice mixture to bowls for serving.
Evenly distribute the reserved bacon over top, and then add toppings of choice to taste. Serve with lime wedges for squeezing and a side of tortilla chips, using the chips to scoop the Chifrijo, if desired, or crumbling a few over the top of the bowls for a hint of crunch.