Heat the olive oil in a large skillet over medium heat. Add the chicken pieces and cook until lightly browned on all sides, about 5 minutes. Remove the chicken to a plate and set aside.
Add the onion, garlic, and diced bell peppers to the same skillet. Cook for 4 minutes until the vegetables soften.
Stir in the rice, paprika, cumin, salt, and black pepper. Cook for 1 minute to toast the rice lightly.
Pour in the chicken broth and return the browned chicken to the skillet. Bring the mixture to a boil, then reduce the heat to low and cover.
Simmer for 18 minutes without stirring. Add the frozen peas on top, cover again, and cook for 5 more minutes until the rice is tender and the liquid is absorbed.
Remove the skillet from the heat and let it rest covered for 5 minutes before fluffing the rice gently with a fork.