Thoroughly wash and drain the rice with a fine mesh sieve to remove excess starch.
Heat the oil in a large saucepan over medium-high heat. Add the onions, garlic, bell pepper, and jalapeno. Sauté for 1 to 2 minutes until the onions become translucent.
Add the rice to the pan and sauté until it's lightly toasted and golden brown, about 2 minutes.
Add in the cumin, salt, tomato sauce, and chicken broth. Stir everything together until well combined.
Bring the mixture to a boil. Once boiling, cover, reduce heat to low, and simmer until the rice is cooked through—about 15 minutes.
Remove the rice from heat once it's cooked through. Use a fork to fluff it up gently.
Garnish with finely chopped cilantro if desired. Serve immediately.