Place the rice in a fine-mesh strainer and rinse it under cold water until the water runs clear. This helps remove excess starch and prevents the rice from becoming too sticky.
In a large, deep skillet or pan, heat the vegetable oil over medium heat. Add the diced onion, amd bell pepper. Sauté for about 2-3 minutes, or until the onion and peppers become tender. Add minced garlic and sauté another minute.
Add the rinsed rice to the skillet and stir to coat it with the oil and aromatics. Cook for an additional 2-3 minutes, stirring occasionally, until the rice turns slightly translucent.
Sprinkle the chili powder, cumin, paprika, turmeric, salt, and black pepper over the rice. Stir well to evenly distribute the seasonings.
Add the tomato sauce to the skillet and stir to combine with the seasoned rice. Cook for another 2-3 minutes, allowing the tomato sauce to infuse the rice.
Pour in the vegetable broth (or water). Stir to combine, ensuring everything is well-mixed.
Bring the mixture to a boil, then reduce the heat to low. Cover the skillet and let it simmer for 18-20 minutes, or until the rice is tender and has absorbed the liquid. Do not lift the lid while it's cooking.
Once the rice is done, remove it from the heat, fluff it with a fork, and let it sit for a few minutes. You can garnish with fresh cilantro and serve with lime wedges, if desired.