Rinse the rice under cold water until the water runs clear to remove excess starch and prevent sticking. Drain well.
In a medium saucepan, heat the olive oil over medium heat. Add the diced onion and green bell pepper, sautéing until they are soft, about 3-4 minutes.
Add the minced garlic and continue to sauté for another minute until fragrant.
Stir in the rinsed rice and cook for about 2-3 minutes, allowing the rice to toast slightly and absorb the flavors.
Pour in the diced tomatoes with their juice, chicken or vegetable broth, ground cumin, chili powder, paprika, and salt. Stir well to combine.
Bring the mixture to a boil, then reduce the heat to low. Cover the saucepan with a lid and let it simmer for about 20 minutes, or until the rice is cooked and the liquid is absorbed.
Once done, remove the saucepan from the heat and let it sit, covered, for an additional 5 minutes. This allows the rice to steam and become fluffy.
Fluff the rice with a fork and garnish with fresh cilantro if desired before serving.