Heat oil in medium stockpot over medium-high heat, add chorizo; cook until golden brown on both sides, about 5 minutes. Transfer chorizo to plate; set aside.
Add onions, carrots and peppers to pot. Cook vegetables, stirring occasionally, until soft, about 7 minutes; add garlic and cook until fragrant, about 30 seconds more.
Add chicken bouillon mixture, lentils, sazon and bay leaf; bring to boil. Reduce heat to medium-low; cover pot. Simmer until lentils are tender, stirring occasionally about 40 minutes. Stir in reserved chorizo; season with adobo. Serve with rice.