Drain the beans and put in a large pot. Cover with water and bring to a boil over high heat. Reduce the heat to medium low, cover and cook for about 35 to 40 minutes, or until tender, drain reserving the cooking liquid.
In a medium pot, add the onions, garlic, red bell pepper and scallions, sautué for 2 minutes.
Add the rice, sautué for 2 minutes and stir until well coated.
Add the cooked beans, 2 cups of the cooking liquid and 2 cups of water. Add cilantro, cumin, salt, pepper and achiote, bring to a boil, then reduce the heat to low, cover and cook for 20 to 25 minutes.
Remove the rice from the heat, let it sit covered for 5 minutes and serve.