Coat the chicken with recado, vinegar, lime juice, soy sauce, salt, and pepper. Cover and refrigerate for at least 1 hour or overnight.
Heat the oil in a heavy pot. Brown the chicken in batches for 8 to 10 minutes and transfer it to a plate.
Braise the Chicken:
Cook the onion and bell pepper for 6 minutes. Add the garlic for 30 seconds, then return the chicken and any marinade to the pot. Add the stock.
Bring to a gentle simmer, cover partly, and cook for 45 to 55 minutes until the chicken reaches at least 175 F (80 C) and the sauce coats a spoon.
Cook the Rice and Beans:
Meanwhile, simmer the soaked beans in the 4 cups water for 45 to 60 minutes until almost tender. Drain, reserving 1 cup bean liquid.
Combine the beans, reserved liquid, coconut milk, rice, thyme, and salt. Bring to a boil, cover, reduce the heat to low, and cook for 18 minutes. Rest covered for 10 minutes, then fluff and serve with the chicken.
Notes
Recado pastes vary in salt and chile; taste the braising liquid before adding extra seasoning.
Use cooked beans to shorten the rice preparation, adding enough water to make 640 ml liquid with the coconut milk.