Heat olive oil in a large pot over medium-high heat. Add carrots, onion, bell pepper, jalapeno, and garlic; saute until carrots start to soften, about 6 minutes.
Stir in collard greens, water, black-eyed peas, undrained tomatoes, paprika, chili powder, liquid smoke, salt, and pepper. Simmer over low heat until greens are wilted and vegetables are soft, about 20 minutes. Serve warm.
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