In a large pot or Dutch oven, heat olive oil over medium heat. Add chopped onion and red bell pepper. Sauté for 5-7 minutes until translucent.

Stir in minced garlic, jalapeño, cumin, smoked paprika, and cayenne pepper. Cook for 1-2 minutes until aromatic.

Add black beans, vegetable broth, diced tomatoes, and bay leaf. Bring to a boil, then reduce heat and simmer for 30 minutes.

Remove bay leaf. Use an immersion blender to partially blend the soup for creaminess.

Season with salt and pepper to taste. Serve hot.