In a medium saucepan, combine the rice, water, and a pinch of salt.
Bring to a boil over medium heat, then reduce the heat to low and simmer until the rice is tender and the water is absorbed, about 15 minutes.
In a large saucepan, combine the whole milk, granulated sugar, cinnamon stick, and lemon peel.
Heat the mixture over medium heat until it begins to simmer. Do not let it boil.
Add the cooked rice to the milk mixture, stirring to combine.
Continue to cook over low heat, stirring frequently, until the mixture thickens and the rice is very tender, about 30-40 minutes.
Remove the cinnamon stick and lemon peel from the mixture.
Stir in the vanilla extract.
Taste and adjust the sweetness if necessary.
Spoon the Arroz con Leche into serving bowls.
Garnish with a sprinkle of ground cinnamon.
Enjoy your meal!