While the beans are simmering, heat the olive oil at medium-high heat in a Dutch oven.
Add the chorizo slices and brown slightly on both sides.
Remove the chorizo slices to a small bowl with a slotted spoon.
Add the bacon and pan fry for 5 minutes.
Add onions and red bell peppers. Saute for 2-3 minutes.
Stir in the garlic and saute for 30 seconds.
Stir in the smoked paprika and cumin and bloom in the oil for 30 seconds.
Stir in the tomato paste and cooke until the color deepens, 2-3 minutes.
Stir in the cooking wine, bay leaves, and salt. Cook for 2-3 minutes.