Heat olive oil in a large skillet over medium heat. Add the chicken pieces and season with cumin, chili powder, garlic powder, salt, and pepper. Cook until browned and cooked through, about 5-7 minutes.

Add diced bell pepper and onion to the skillet. Sauté for 3-4 minutes until softened. Stir in the rice and cook for another 2 minutes, allowing the rice to absorb the flavors.

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

Stir in the frozen peas and let sit covered for an additional 5 minutes. Fluff the rice with a fork before serving.