In a large bowl, soak beans in water to cover overnight.
Rinse beans, and transfer to a large stock pot. Add onion, bell peppers, bay leaves, paprika, cumin, oregano, and chile peppers, along with water to cover. Bring to a boil, reduce heat, and simmer for 1 1/2 hours.
Test beans for tenderness, and when tender add garlic and balsamic vinegar. Salt and pepper to taste.