Heat a large saucepan over medium-high heat and add the olive oil. Once hot, add the chopped onion and cook for about 3 minutes, until softened. Add the garlic and cook for another 30 seconds, just until fragrant.

Add the Rice and Spices. Stir in the rice, cumin, and chili powder. Cook, stirring frequently, for about 1 minute until the rice is lightly toasted. This helps infuse the rice with the spices, adding depth of flavor.

Cook with Peppers and Broth. Stir in the chopped red bell pepper and pour in the broth. Bring the mixture to a boil, then reduce to low heat. Cover and let it simmer for 20 minutes, until the rice is tender and the broth is absorbed.

Finish and Serve. Remove from heat and let the cooked rice stand, covered, for 10 minutes to firm up. Fluff with a fork, adjust seasoning to taste, and serve warm.