Drain the black beans and black-eyed peas thoroughly. Rinse them under cool water until the water runs clear. Let them drain well before adding them to the mixing bowl.

Wash the tomatoes, peppers, jalapeño, and cilantro carefully. Dice the vegetables into small pieces. Keep the pieces similar in size so every spoonful has a balanced mixture.

Place the beans, black-eyed peas, corn, tomatoes, red onion, bell peppers, jalapeño, and cilantro into a large bowl. Gently stir everything together without crushing the vegetables.

Add olive oil, lime juice, red wine vinegar, honey, cumin, chili powder, salt, and black pepper to a small bowl. Whisk until the dressing becomes smooth and well combined.

Pour the lime dressing over the bean and vegetable mixture. Use a large spoon to gently toss everything together. Make sure the dressing coats the ingredients evenly.

Add the diced avocado last. Fold it gently into the mixture to prevent the pieces from becoming mashed. This keeps the avocado attractive and creamy.

Cover the bowl and refrigerate the cowboy caviar for about 20 to 30 minutes. This short resting time helps the flavors blend beautifully.

Taste the cowboy caviar before serving. Add extra lime juice, salt, or jalapeño if needed. Serve chilled with tortilla chips, crackers, or toasted bread.