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Bring 4 cups water to boil in small saucepan over medium-high heat. Stir in rice, Adobo Light and 1 tbsp. oil. Return water to boil. Reduce heat to medium-low. Cook, covered, until rice is tender and water is absorbed, about 25 minutes.
Meanwhile, heat 2 tsp. oil in large skillet over medium-high heat. Add chicken; cook until light golden brown on both sides, flipping once, about 7 minutes; set aside. Add remaining oil to same skillet. Stir in onions, cooking until soft and translucent, about 10 minutes. Add garlic and oregano to pan; cook until fragrant, about 30 seconds more. Stir in tomato sauce, 1 cup water, olives, jalapeño, capers and bay leaf; bring tomato sauce mixture to boil. Return chicken to pan. Cook, flipping once, until coated in sauce and cooked through, about 15 minutes.
To serve, divide chicken and sauce evenly among serving dishes; sprinkle with cilantro. Serve with cooked rice and lime wedge.