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.

Note: Some rice brands will require a little less or a little more liquid; check the package for specific instructions.

Make-Ahead/Freezing Instructions: Mexican rice can be made up to 3 days ahead of time and stored in an airtight container in the refrigerator. When you're ready to serve it, reheat it on the stove over low heat with a splash of water or broth to keep it moist, or microwave it, covered, with a little added water to refresh its texture. This rice can also be frozen in an airtight container for up to 3 months. (Putting it in a flat layer in sealable plastic bags works well as it will take up less space in the freezer.) If reheating in the microwave, there is no need to thaw before serving; simply remove it from the freezer and reheat in the microwave with 1 to 2 tablespoons of water.