Rinse the basmati rice under cold water until the water runs clear.
Set aside.
In a large pan, heat the olive oil over medium heat.
Add the diced onion and red bell pepper.
Cook until they are soft but not brown, about 5 minutes.
Stir in the minced garlic, turmeric, paprika, cumin, and cayenne pepper.
Cook for another 2 minutes to let the spices bloom.
Add the rice to the pan, stirring for a minute.
Pour in the chicken broth and salt.
Cover with a lid, reduce the heat to low, and simmer for 15-20 minutes or until the liquid is absorbed.
Remove from heat and let the rice sit, covered, for 5 minutes.
Fluff with a fork, squeeze lemon juice over the top, and garnish with freshly chopped cilantro.