Heat olive oil in a medium-sized pot over medium heat.
Once the oil is hot, add the minced yellow onion and red bell pepper.
Sauté until they are soft and the onion is translucent, which takes about 5 minutes.
Stir in the garlic powder, onion powder, chili powder, cumin, and salt.
Let these spices cook with the onion and pepper mixture for an additional minute to release their flavors.
Add the rice to the pot.
Stir well to coat the rice with the oil and spices, ensuring each grain is covered.
Cook for another 2 minutes, stirring occasionally.
Pour in the water and tomato sauce.
Stir the mixture, then increase the heat to bring it to a boil.
Once boiling, lower the heat, cover the pot, and let it simmer for about 18 minutes.
After 18 minutes, check to make sure the rice is cooked and the liquid absorbed.
If needed, cover and let it cook for a few more minutes.
Fluff the rice with a fork before serving.