Into a 4-cup (or larger) measuring cup, drain the liquid from the can of beans and add the coconut milk. Then, add enough water to reach four cups of liquid total.
In a large pot on the stove, add liquid mixture, beans, garlic, onion, thyme, and salt/pepper. Bring to a boil.
Once boiling, add rice and continue to boil on high for 2 minutes.
Cover pot, turn heat to low, and simmer until rice has absorbed all the liquid (about 20 min).