If using dried chickpeas, place the soaked peas in a large stockpot with the water and bay leaf and simmer, covered, over low heat 2-1/2 hours, or until tender.
Drain, reserve the cooking liquid, and discard the bay leaf.
There should be 3 cups of liquid; if necessary, add some water to make that amount.
If using cooked or canned chick-peas, use 4 cups water in place of the reserved cooking liquid.
In a large, heavy casserole add the onion, garlic, bell pepper, chorizo, and bacon, and cook over low heat until the onions are tender, 8 to 10 minutes.
Add the tomatoes, salt, pepper, sherry, and cook for 5 minutes.
Add rice, reserved cooking liquid, and chick-peas, and stir to blend.
Cook over medium-high heat until most of the liquid has been absorbed and small craters appear over the top of the rice, 20 to 25 minutes.
Reduce the heat to low, stir the rice with a fork, cover, and cook until the rice is tender, 10 to 15 minutes.
Serve with masitas de puerco, (fried pork chunks) and platanos maduros (ripe plantains)and a vegetable salad.