Season chicken thighs with salt, pepper, and cumin. In a large skillet, heat 2 tablespoons of olive oil. Over medium-high heat, place chicken thighs in the pan and brown on both sides. Transfer to a plate.
In the same pan, add remaining olive oil and sauté onion, garlic and red pepper, stirring frequently, until the onion is translucent and the garlic is fragrant.
Add rice, chicken stock, tomato sauce, annatto powder, bay leaf, oregano, cumin, salt, and pepper. Bring to a boil then reduce heat.
Add chicken. Cover and reduce heat to medium-low. Simmer until liquid is absorbed and rice is tender, about 45-60 min. Add frozen peas, stirring until warm. Fluff rice with fork, serve, and enjoy!