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

Stir in the minced garlic and cook for an additional minute until fragrant.

Add the rice to the saucepan and stir to coat with the oil and vegetables.

Pour in the tomato sauce and chicken broth, then add the chili powder, cumin, salt, and black pepper. Stir well.

Bring the mixture to a boil, then reduce the heat to low, cover, and simmer for 20 minutes or until the rice is cooked and liquid is absorbed.

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