Heat the oil in a large skillet over medium heat. Add the onion and garlic; cook and stir until onion is translucent. Stir in the chili powder and cumin, and cook for about 30 seconds. Add the rice, chicken broth and tomato paste, and bring to a boil. Transfer to a 1 quart casserole dish, and cover with aluminum foil or a lid.
Bake for 35 to 40 minutes, or until liquid has been absorbed and rice is tender. Let rest for 3 to 5 minutes before serving.