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Heat oil in a large saucepan over medium heat. When the pan is hot, add onion and pepper and cook until softened (3 to 4 minutes).
Add rice to the pan, and continue to cook, stirring frequently, until lightly golden, about 5 minutes. Add garlic, chili powder, and cumin and continue to cook, stirring, for 1 minute or until fragrant.
Add stock, tomato paste, salt, and oregano. Stir to combine and increase heat to high. Bring to a boil, then reduce heat to low to maintain a gentle simmer. Simmer with cover on for 20 minutes or until liquid is absorbed.
Remove from heat, leaving the cover on, and let rest for 5 minutes.
Fluff rice with a fork, taste and season with salt and pepper as needed. Garnish with fresh cilantro, if desired, and serve immediately.