Step 1: Drain and rinse the canned black-eyed peas and black beans thoroughly under cold running water. Place them in a large mixing bowl.
Step 2: If using fresh corn, carefully cut the kernels off the cob. For extra flavor, lightly char the kernels in a dry skillet over medium-high heat until slightly browned. If using frozen corn, sauté it in a dry pan for a few minutes until heated through and lightly caramelized. Let cool slightly and add to the bowl with the beans.
Step 3: Finely dice the red, yellow, and orange bell peppers. Mince the red onion. If desired, soak the minced red onion in cold water for 10 minutes, then drain, to temper its bite. Mince the jalapeño (remove seeds for less heat) and chop the fresh cilantro. Add all chopped vegetables to the large mixing bowl.
Step 4: In a separate small bowl, whisk together the dressing ingredients: olive oil, fresh lime juice, red wine vinegar, minced garlic, cumin, chili powder, sugar, salt, and black pepper. Whisk until well combined and the sugar is dissolved.
Step 5: Pour the dressing over the bean and vegetable mixture in the large bowl. Gently toss everything together until all ingredients are evenly coated.
Step 6: Cover the bowl tightly with plastic wrap and refrigerate for at least 2 hours, or ideally 4-6 hours (or overnight). This allows the flavors to meld and deepen.
Step 7: Before serving, give the cowboy caviar another good stir. Taste and adjust seasonings (salt, pepper, or lime juice) if necessary.
Step 8: Serve your Ultimate Fresh & Zesty Cowboy Caviar recipe with tortilla chips, as a side salad, or as a topping for tacos or grilled meats.