In a large mixing bowl, combine the rinsed and drained black-eyed peas, diced red bell pepper, diced green bell pepper, diced red onion, diced jalapeño, corn kernels, and chopped cilantro. Toss gently to combine.
In a separate small bowl or jar, whisk together the olive oil, fresh lime juice, apple cider vinegar, ground cumin, chili powder, cayenne pepper (if using), salt, and black pepper. Whisk until the dressing is well emulsified.
Pour the dressing over the black-eyed pea and vegetable mixture. Toss everything together until all the ingredients are evenly coated.
For the best flavor, cover the bowl and refrigerate for at least 30 minutes (or up to 24 hours) to allow the flavors to meld. This step is crucial for a truly delicious Texas Caviar!
Before serving, give the caviar a good stir. Taste and adjust seasoning if necessary, adding more salt, pepper, or lime juice as needed.