Heat the olive oil in a large pot over medium-low heat. Add the onions and jalapeño and cook, stirring frequently, until onions are softened and translucent, about 5 minutes.
Turn the heat up to medium and add the tomato paste, garlic and rice; cook, stirring frequently, for about 3 minutes.
Add the chicken broth, salt, pepper, chili powder and cumin; turn the heat up and bring to a boil.
Reduce the heat to low, cover the pot and simmer until all the liquid is absorbed, about 20 minutes.
Add the peas, cilantro and lime juice and fluff the rice with a fork to mix. Let the rice sit for a few moments to "dry out" and lose that wet, just-steamed texture. Taste and adjust seasoning with salt, pepper and lime if necessary.
Notes
For a vegetarian version, substitute vegetable broth for the chicken broth. You can also add diced bell peppers or corn for extra color and flavor.
Keyword Easy Mexican Recipe, Mexican Rice, Rice Side Dish