In a medium saucepan, heat the vegetable oil over medium heat. Add the chopped onion and garlic, sautéing until the onion is translucent.

Stir in the rinsed rice, cooking for about 2-3 minutes until the rice is lightly toasted.

Add the chicken broth, diced tomato, cumin, chili powder, and salt. Stir to combine.

Bring the mixture to a boil, then reduce the heat to low and cover. Cook for 15-20 minutes, or until the rice is tender and the liquid is absorbed.

If using, add the frozen peas and carrots during the last 5 minutes of cooking.

Remove from heat and let it sit covered for 5 minutes. Fluff with a fork before serving.