Heat the olive oil in a medium saucepan over medium heat. Once hot, add the red bell pepper, red onion, turmeric, garlic powder, salt, and pepper. Sauté for 2–3 minutes, just until the vegetables have softened.
Stir in the rice until well-coated with the oil and seasonings.
Pour in the broth. Cover the saucepan with a lid and lower the heat to a simmer.
Cook for 20 minutes, until the liquid is absorbed and the rice is tender. Remove from heat and let the rice stand, covered, for 10 minutes to allow it to firm up.
Fluff with a fork and serve warm.