This is a food item, consuming it (via right click) will replenish your food and water. This item has some anti-radioactive properties, consuming it will lower your radiation level. It will also provide minor healing.
A Can of Beans was a non-craftable food item that was primarily consumed by players to restore Calories and reduce Radiation.
The beans could be consumed by players by putting it into their Hotbar and pressing the specified key of 1-6. Players could could also consume it from anywhere in their player's Inventory by hovering their mouse over the item and then clicking on it with their right-mouse button after which they could select the Consume option.