Place 1 tbsp of the oil in a dutch oven (preferably cast iron) and heat over medium-high heat for 1 minute. Add onion, green pepper, and garlic and cook for 8 minutes or until onion is just beginning to brown. Add chicken and cook for 5 - 6 minutes or until no longer pink. Add chicken broth, salsa, water, chili powder, and 1/2 teaspoon of the cumin. Bring to a boil, reduce heat, and simmer, uncovered, for 20 minutes.

Remove from heat, stir in remaining 1/2 teaspoon cumin and remaining tbsp of olive oil, and let stand, uncovered, for 20 minutes before serving. Reheat over low heat. Stir in rice and top with chopped cilantro.