In a large skillet or saucepan, heat the olive oil over medium heat.
Add the onion and bell pepper, and sauté until softened, about 5 minutes.
Add the minced garlic and cook for another 1-2 minutes until fragrant.
Stir in the rice and cook for 2-3 minutes, stirring frequently until the rice is slightly toasted.
Add the diced tomatoes, broth, cumin, chili powder, salt, and pepper. Stir well to combine.
Bring the mixture to a boil, then reduce the heat to low, cover, and simmer for about 20 minutes or until the rice is cooked and the liquid is absorbed.
Once the rice is cooked, fluff it with a fork and let it sit for a few minutes before serving.
Garnish with fresh cilantro if desired.
Enjoy!