In a medium saucepan, heat the olive oil over medium heat. Add the diced onion and bell pepper, and sauté until softened, about 5 minutes.

Add the minced garlic, cumin, paprika, salt, and black pepper. Stir for about 1 minute until fragrant.

Add the rice to the saucepan, stirring to coat it with the oil and spices. Cook for 2-3 minutes, allowing the rice to toast slightly.

Pour in the chicken broth and bring to a boil. Reduce heat to low, cover, and simmer for 15-20 minutes, or until the rice is tender and the liquid is absorbed.

If using, stir in the frozen peas during the last 5 minutes of cooking.

Remove from heat and let it sit covered for 5 minutes before fluffing with a fork.