Heat vegetable oil in a large, wide skillet or sauté pan over medium-high heat. Add rice and cook, stirring frequently, for 5-7 minutes until rice is golden brown and fragrant.
Add diced onion to the toasted rice and cook for 3-4 minutes until softened. Stir in minced garlic and cook for 1 minute until fragrant.
Pour in tomato sauce, chicken broth, cumin, chili powder, salt, and black pepper. Stir well to combine all ingredients.
Bring mixture to a boil, then reduce heat to low. Cover tightly with a lid and simmer for 20 minutes without lifting the lid.
Remove from heat and let stand covered for 5 minutes. Fluff rice with a fork, stir in peas if using, and top with fresh cilantro before serving.