Place the Basmati Rice (2 cup) in a fine mesh sieve and thoroughly rinse under cool running water until the water runs clear.
Heat Olive Oil (3 tablespoon) in a dutch oven or large heavy pot over medium-high heat. Once hot, add Onion (1/2) and rice and sauté for 3 minutes. Don't worry that the rice doesn't look like it's toasted evenly, we are just looking for some of the rice to be toasted, indicating that the flavor is developed.
Add Jalapeño Pepper (1) and sauté until rice is toasted, approximately 2-3 more minutes. Add Garlic (3 clove) and sauté 30 seconds.
Stir in Red Bell Pepper (1), Orange Bell Pepper (1), Low-Sodium Chicken Broth (3 cup), Tomato Sauce (1 cup), Fire Roasted Diced Tomatoes (1 can), Tomato Paste (1/2 cup), Green Chili Pepper (3 tablespoon), Ground Cumin (1/2 teaspoon), Chili Powder (1/2 teaspoon), Dried Oregano (1/2 teaspoon), Smoked Paprika (1/2 teaspoon), Ground Coriander (1/4 teaspoon) and Salt (1/4 teaspoon).
Bring to a boil, cover and reduce heat too low. Simmer 12-15 minutes, or until water is evaporated and rice is tender, stirring once at 8 minutes and replacing the lid. If liquid evaporates before rice is done, then add just a little liquid, but the rice will continue to steam for 10 minutes once it's removed from heat, so it doesn't need to be 100% cooked once the liquid is gone.
Once water is evaporated, remove from heat, stir, cover and let sit undisturbed for 10 minutes. If rice is still wet, don't worry, it will continue to absorb the 10 minutes while it is steaming. The rice will also dry out a bit more once the lid is off.
Add Fresh Cilantro (to taste), Lime Juice (to taste) and Lime (to taste) if desired and fluff with a fork. Taste and season with additional salt or lime juice if desired.