Heat oil in large sauce pan, add onion and sauté until translucent.
Add garlic, cumin, chili powder and rice.
Cook about four minutes, stirring constantly.
Add chicken stock and carrots, season to taste with salt and pepper and stir until items are combined.
Bring to a boil, then lower the heat.
Cover the pot and simmer for 20 minutes.
Remove the pot from the heat and add the peas and let rest for five to 10 minutes.
Fluff the rice and serve.