In a large pot, heat the olive oil over medium heat. Add the diced onion and red bell pepper, cooking until softened, about 5 minutes.
Stir in the minced garlic, cumin, oregano, and smoked paprika. Cook for an additional minute until fragrant.
Pour in the vegetable broth, then add the white beans, diced tomatoes, and bay leaf. Bring the mixture to a boil.
Reduce the heat to low and let the soup simmer for 20-25 minutes, allowing the flavors to meld.
Remove the bay leaf and season the soup with salt and pepper to taste.
Serve hot, garnished with fresh cilantro and lime wedges on the side.