In a medium saucepan, heat the olive oil over medium heat. Add the chopped onion and garlic, and sauté until the onion is translucent.

Stir in the rinsed rice, cumin, chili powder, salt, and pepper. Cook for 2-3 minutes, stirring frequently, until the rice is lightly toasted.

Add the diced tomato and broth to the saucepan. Bring to a boil, then reduce heat to low and cover.

Simmer for about 18-20 minutes, or until the rice is cooked and the liquid is absorbed.

Remove from heat and let sit covered for 5 minutes. Fluff the rice with a fork and stir in chopped cilantro before serving.