Rinse the rice under cold water in a fine-mesh strainer until the water runs clear to remove excess starch.
In a medium saucepan, heat the vegetable oil over medium heat. Add the chopped onion and diced bell pepper. Sauté for about 3-4 minutes until softened.
Add the minced garlic and cook for an additional minute, stirring frequently to avoid burning.
Stir in the rinsed rice, cumin, and chili powder. Cook for about 2 minutes, stirring occasionally, until the rice is lightly toasted and fragrant.
Pour in the diced tomatoes (with their juice) and the broth. Season with salt to taste. Bring the mixture to a boil.
Once boiling, reduce the heat to low. Cover the saucepan and let it simmer for about 15-20 minutes, or until the rice is cooked and has absorbed all the liquid.
After 20 minutes, remove the saucepan from heat. Let it sit, covered, for an additional 5 minutes. Fluff the rice with a fork before serving.
Garnish with fresh cilantro leaves and serve hot.