Heat oil in a Dutch oven over medium-high heat. Add rice and cook. Stir constantly until lightly toasted, depending on your cooktop, about 6-10 minutes.
Reduce heat to medium-low—add onions, jalapenos, garlic, vegetable or calde de tomato bullion, ½ teaspoon salt, chili powder, cumin, and cayenne. Cook until the onions and peppers are softened, about 4 minutes.
Stir in tomato puree, vegetable broth. Bring to a boil over medium-high. Reduce to a simmer, cover and cook until the liquid absorbs, about 15-20 minutes.
Remove from heat, fluff the rice with a fork, then let stand for an additional 10 minutes. Stir in chopped cilantro, salt, and fresh squeezed lime to taste. Savor the flavor of home cooked Mexican Rice!