Heat the vegetable oil in a large pot over medium heat and add the rice, stirring frequently for 3-4 minutes until lightly golden and fragrant.
Add the water or broth and 1/2 teaspoon of salt, bring to a boil, then reduce heat to low, cover, and simmer for 18-20 minutes until rice is tender and liquid is absorbed.
While rice cooks, combine the beans, diced tomatoes with their juice, cumin, garlic powder, remaining salt, and black pepper in a saucepan over medium heat.
Simmer the bean mixture for 10-12 minutes, stirring occasionally, until heated through and slightly thickened.
Fluff the rice with a fork and divide among bowls, then top with the bean mixture.
Serve with desired toppings and let everyone customize their own bowl.