Heat olive oil in a large skillet over medium heat. Add chopped onions and sauté until translucent (about 5 minutes).
Stir in minced garlic and cook for another minute until fragrant.
Add uncooked long-grain rice and toast lightly for about 2 minutes while stirring continuously.
Pour in tomato sauce and chicken broth, then stir in ground cumin and diced bell peppers. Bring to a gentle boil.
Reduce heat, cover, and let it simmer for about 20 minutes or until liquid is absorbed and rice is tender.
Remove from heat, let sit covered for an additional 5 minutes, then fluff with a fork before serving.