Put peeled onion and bell pepper in food procesor and pulse until it is in very small pieces.
Put olive oil in pan and saute drained rice for a couple of minutes.
Add onion and bell pepper mix and saute for about 1 minute.
Add water, bouillon power, tomato sauce, chili powder, cumin, garlic powder and frozen peas & carrots.
Boil at med-high heat until water is down to just below the level of the rice. You should still see some bubbling on the surface. This takes about 10 minutes. Cover pan, turn burner down immediately to simmer and leave for 10 minutes more. Turn off heat and leave rice sitting on the burner for at least 10 minutes, undisturbed and covered. Fluff and serve.