How to Make It
In a large enameled cast-iron Dutch oven or heavy pot, heat 3 tablespoons of the olive oil. Season the chicken with the adobo and black pepper. Brown the chicken in 3 batches over moderately high heat, 6 to 8 minutes per batch, turning each halfway through. Transfer the browned chicken thighs to a plate.
In the pot, heat the remaining 2 tablespoons oil. Add the bell peppers, onion, and garlic to the pot, and cook over moderate heat, stirring occasionally, until softened, about 6 minutes. Stir in the tomato paste and cook until it turns brick red, about 1 minute. Add the chicken stock, tomatoes and their juice, 2 cups water, bay leaf, and crushed red pepper. Bring to a simmer.
Return the chicken to the pot, stir in the rice, and cook, covered, over moderately low heat until the rice is tender, about 20 minutes. Season with salt and black pepper. Stir in the peas and olives, and let stand until heated through, about 1 minute. Sprinkle with cilantro before serving.