Add vegetable oil to a large pot or deep skillet over medium heat. Once the oil is shimmering, add the onions and peppers and green onions. Cook until the veggies have softened. Then add the minced garlic.
Add the seasonings next, Cumin, dried thyme, bay leaves, garlic powder, onion powder, salt and pepper. Adjust the seasonings if you like.
Add the tomato paste and crushed tomatoes. Mix and cook the sauce for about 15 minutes or until the color turns a deep red color. This process will help get rid of the better taste of the tomatoes.
Cook stirring the rice into the vegetables. This how you toast the rice. It will help build even more flavor. **See picture example in the post.
Next, add the rice to the stewed vegetables. *See notes below.
Then add the vegetable broth.
The water level should be about the same level as the rice. Let it come to a boil, cover then reduce heat to low.
Cover and set stove to low. Cook for about 30-35 minutes or until the rice is al dente and liquid is absorbed. Once the rice is done. Remove the pot from the hot burner and set it the side for 15 minutes. Fluff rice with a fork and serve.