In a large mixing bowl, combine the black-eyed peas, corn, red bell pepper, green bell pepper, red onion, jalapeño, and cilantro.
In a separate small bowl, whisk together the olive oil, red wine vinegar, garlic powder, cumin, salt, black pepper, and lime juice until well combined.
Pour the dressing over the bean and vegetable mixture. Stir gently to combine all ingredients thoroughly.
Cover the bowl with plastic wrap or a lid and refrigerate for at least 1 hour to allow the flavors to meld. For best results, chill for 4 hours or overnight.
Serve chilled or at room temperature with tortilla chips or as a topping for grilled meats or tacos.
