In a large skillet, heat the olive oil over medium heat.
Add the diced onion and green bell pepper, and sauté until they are softened.
Stir in the garlic powder, onion powder, paprika, salt, black pepper, and cayenne pepper.
Add the rice to the skillet and stir to coat it with the spices.
Pour in the chicken broth and bring the mixture to a boil.
Reduce the heat to low, cover the skillet, and let it simmer for 18-20 minutes or until the rice is tender.
Remove the skillet from heat and let it sit covered for 5 minutes before fluffing the rice with a fork.