Start by seasoning the chicken pieces with 1 teaspoon of salt, ground black pepper, and 1 teaspoon of cumin.
In a large heavy-bottomed pot or Dutch oven, heat the vegetable oil over medium-high heat. Add the seasoned chicken, skin-side down, and sear until golden brown and crispy, about 5-7 minutes. Flip and sear the other side for an additional 5 minutes. Remove the chicken from the pot and set aside.
In the same pot, add the chopped onion and green bell pepper. Sauté for about 3-4 minutes until soft. Add the minced garlic and cook for an additional minute until fragrant.
Stir in the rinsed rice, tomato paste, 2 teaspoons of cumin, oregano, turmeric, and the remaining salt. Cook for about 2-3 minutes, allowing the rice to toast slightly.
Carefully add the chicken broth, stirring to combine. Return the seared chicken to the pot, add the bay leaves, and bring to a gentle boil.
Reduce the heat to low, cover, and let it simmer for about 30-35 minutes.
Once cooked, remove the bay leaves. Gently stir in the thawed peas and olives, allowing them to heat through for a couple of minutes. If desired, sprinkle chopped cilantro on top.
Serve your Arroz con Pollo hot, garnished with lemon or lime wedges.