In a large pot, heat the olive oil over medium heat.
Add the onion and sauté 1-2 minutes, until slightly softened.
Add the garlic and Cajun spice. Cook and stir another 1-2 minutes.
Place collard greens in the pot along with 2 Tablespoons water. Continue cooking, stirring occasionally, until greens are wilted.
Add beans and rice, plus 1 cup water, to the pot. Cover, reduce heat to low, and cook 15 minutes, or until the liquid is absorbed and rice cooked through.
Adjust seasoning, sprinkle with cayenne pepper sauce to taste, and serve warm.