Heat oil in a large skillet over medium-high heat. Add onion and carrot, and stir fry for 3-5 minutes.
Stir in garlic and uncooked rice, and stir fry for about two minutes longer.
Pour in tomato juice, chicken broth, water, and cumin. Stir, and bring to a low boil. Add frozen peas, and reduce heat to a simmer. Cover, and simmer for 20 minutes or until liquid is absorbed and rice is tender.
Remove cover, and stir in cilantro. Add salt and/or hot sauce to taste. Your Mexican Rice is ready to serve!
You can substitute a cup of frozen mixed peas and carrots for the fresh carrot and peas if you’d like. (Add the frozen vegetables together as directed above.)
If you don’t have fresh cilantro, use one tablespoon of dried cilantro instead.
If you prefer brown rice, the recipe should work as written, but increase the simmering time to 40 minutes.