Place the rice in a fine mesh strainer and rinse the rice until the water runs clear. Let the rice drain for 5 minutes.
In a pot, dutch oven, or braiser, heat the olive oil and saute the onion and jalapeno for 2-3 minutes, stirring occasionally, until soft.
Add the rice, cumin, chili powder, garlic, and oregano and cook for 3-4 minutes, stirring often until the rice is toasted. Add the broth, tomato sauce, bouillon, bay leaf, and salt and stir well. Bring to a boil, cover, reduce the heat to very low and simmer for 15 minutes, stirring once halfway through.
After the 15 minutes, turn off the heat, leave the rice covered and let it rest for another 10 minutes. Fluff the rice with a fork, add chopped cilantro, and season with lime juice.