Heat oil in a large skillet over medium heat. Add rice and toast, stirring frequently, for 4–5 minutes until light golden.
Add onion and cook 2 minutes until softened. Stir in garlic and cook 30 seconds.
Add tomato sauce, chicken broth, cumin, bouillon powder, salt, and pepper. Stir to combine.
Bring to a boil, reduce heat to low, cover, and simmer 18–20 minutes without lifting the lid.
Stir in peas and carrots during the last 5 minutes, if using.
Remove from heat and let rest, covered, for 5 minutes.
Fluff with a fork and garnish with cilantro before serving.