In a large pot, heat the palm oil or vegetable oil over medium heat.
Add the finely chopped onion and cook until softened and translucent, about 5 minutes.
Stir in the minced garlic and chopped hot peppers, cooking for another 1-2 minutes.
Add the chopped tomatoes and cook until they break down and blend with the onions, about 5 minutes.
Stir in the paprika, ground coriander, dried thyme, salt, and black pepper.
Add the rice to the pot, stirring to coat it with the tomato and spice mixture.
Pour in the water or chicken broth and bring to a boil.
Reduce the heat to low, cover the pot, and simmer for about 15-20 minutes, or until the rice is cooked and the liquid is absorbed.
If using, stir in the frozen peas and chopped bell peppers. Cook for an additional 5 minutes, or until the vegetables are heated through.
Garnish with chopped fresh cilantro or parsley.
Enjoy your meal!