Drizzle about two tablespoons of oil in a large, heavy pot over medium high heat. Add the onion, garlic, jalapeno, and bell peppers. Cook over medium high heat until soft and tender, stirring occasionally - about 8 minutes.
Add the cumin, paprika, and a dash of salt and pepper. Stir to coat the veggies. Add the rice and stir to coat with the veggies and seasoning. Stir frequently, allowing the rice to warm up and slightly toast - about 4 minutes.
Add the chicken broth and salsa to the pot. Stir well. Bring the heat to high and continue stirring frequently (so rice doesn't stick to the bottom) until the mixture reaches a boil. Turn the heat down to the lowest setting and place the lid on top.
Cook on that low setting for 20 minutes. Once done, check the rice to make sure it's tender and fluffy. Remove from heat and serve warm.