Make the Dressing: In a small bowl, whisk together the olive oil, lime juice, ground cumin, chili powder, sugar/honey (if using), salt, and pepper. Set aside.
Prep Beans and Corn: Rinse and drain the black-eyed peas and black beans. If using canned corn, drain it. If using frozen corn, ensure it is thawed.
Chop Vegetables: Finely dice the bell peppers, red onion, and tomatoes. Seed and finely mince the jalapeño (if using). Roughly chop the cilantro. Aim for vegetable pieces similar in size to the beans.
Combine Ingredients: In a large bowl, combine the drained black-eyed peas, black beans, corn, diced bell peppers, red onion, tomatoes, jalapeño (if using), and chopped cilantro.
Dress the Salad: Pour the prepared dressing over the ingredients in the large bowl. Toss gently to ensure everything is evenly coated.
Chill (Recommended): For best flavor, cover the bowl and refrigerate for at least 20-30 minutes, or up to a few hours, to allow the flavors to meld.
Add Avocado (Optional): If using avocado, dice it and gently fold it into the Cowboy Caviar just before serving.
Serve: Taste and adjust seasonings if necessary. Serve chilled or at room temperature with tortilla chips, as a salad, or as a topping.