In a large pot or Dutch oven, cook the chopped bacon over medium heat until crispy. Remove the bacon and set aside, leaving the rendered fat in the pot.
Add the pork shoulder cubes to the pot and brown on all sides. Remove and set aside with the bacon.
In the same pot, add the sliced chorizo or linguiça sausage and cook for a few minutes until browned. Remove and set aside.
Add the chopped onion and minced garlic to the pot. Sauté until the onion is translucent, about 5 minutes.
Stir in the paprika, ground cumin, ground black pepper, and bay leaves. Cook for another 2 minutes.
Add the tomato paste and cook for another 2 minutes, stirring well.
Return the browned pork shoulder, bacon, and sausage to the pot. Add the soaked and drained black beans, diced tomatoes, and water or beef broth. Stir to combine.
Bring the mixture to a boil, then reduce the heat to low. Cover and let it simmer for about 1.5 to 2 hours, or until the beans and meat are tender.
About 30 minutes before the feijoada is done, add the chopped green and red bell peppers. Continue to simmer until the peppers are tender.
Season with salt to taste. Adjust seasoning as needed.
Garnish with fresh chopped cilantro or parsley before serving. Serve hot with rice.
Enjoy your meal!