In a large pot or a deep skillet with a tight fitting lid, heat the olive oil over medium heat. Once hot, add the onions and peppers and cook until the onions begin to soften, about 3-5 minutes. Add the garlic and cook for another minute or so, stirring often, until fragrant.

Add the rice and the seasonings EXCEPT for the salt and pepper and cook, stirring often, until the rice starts to brown a bit. Then stir in the tomato sauce and increase the heat to med-high. Cook 1 minutes more, then stir in the broth.

Once it reaches a boil, place the lid on and reduce the heat to low. Allow to simmer until the liquid has absorbed and the rice is cooked through, about 15-20 minutes.

Turn off the heat and let the rice sit for 5 or so minutes, then remove the lid, add the salt and pepper and fluff the rice with a fork. Serve immediately. Refrigerate any leftovers.