Place the rice and water in a medium saucepan. Bring to a boil over medium-high heat, then reduce to low, cover, and simmer for 18 minutes until the water is absorbed.
While the rice cooks, heat the oil in a large skillet over medium heat. Add the diced onion and cook for 4 minutes until it softens.
Stir in the minced garlic, cumin, chili powder, and salt. Cook for 1 minute until fragrant.
Add the drained black beans to the skillet. Stir and cook for 5 minutes until the beans are heated through and coated with spices.
Remove the rice from the heat and fluff it with a fork. Divide the rice among four bowls.
Spoon the black bean mixture over the rice in each bowl. Top each serving with salsa and shredded cheese. Serve with lime wedges on the side.