Preheat your oven to 375°F. Spray a 10-cup bundt pan generously and line the bottom with parchment paper.
In a large mixing bowl, combine rice, black beans, cheeses, salsa, eggs, diced red pepper, cumin, chili powder, salt, and pepper. Mix thoroughly.
Transfer the mixture into the prepared bundt pan, pressing down to shape evenly. Smooth the top surface.
Bake uncovered for 30–35 minutes until the top is golden and the rice is firm.
While baking, blend roasted red peppers, garlic, olive oil, smoked paprika, lime juice, and salt until smooth to make the flaming salsa. Transfer to a small bowl.
Allow the rice ring to cool for 10 minutes, then carefully invert onto a serving platter.
Place the salsa in the center of the ring. Arrange roasted red peppers around the salsa to resemble flames.
Garnish with cilantro if desired. Serve warm or at room temperature.