In a large pan over medium heat, add the oil and the bacon or ham. Sautué for 5 minutes or until the bacon is brown. Remove and set aside.
Add more olive oil, green pepper, garlic, red pepper, onion, salt, black pepper, ground cumin and cilantro. Cook for 10 to 15 minutes, stirring often.
Add the rice and stir to coat. Add the water, tomato paste and pigeon peas, stir and bring to a boil. Add the bacon and sazon goya. Reduce the heat, cover and cook for about 25 minutes.
Remove the rice from the heat, let it sit covered for 5 minutes and serve.