1. Soak the red beans overnight in water.
2. Drain and rinse the beans.
3. In a large pot, heat the olive oil over medium heat.
4. Add the chopped onion, garlic, and green bell pepper. Sauté until softened.
5. Add the soaked beans, thyme, paprika, salt, and black pepper. Stir well.
6. Pour in the water and bring to a boil.
7. Reduce heat to low, cover, and simmer for about 1 hour or until beans are tender.
8. Cook the rice according to package instructions.
9. Serve the beans over the cooked rice.