Bring 2 cups water to a boil. Turn off heat; set aside.
Heat oil in a medium saucepan over medium heat. Stir in onions and peppers; cook until soft and translucent, 5 – 8 minutes. Stir in tomatoes, chicken bouillon and sazón; cook until warmed through.
Pour rice into pot; stir to coat. Cook rice 1 minute. Pour in hot water; stir to combine. Bring rice mixture to a boil. Lower heat to medium-low and simmer, covered, until rice is tender and water is absorbed completely, about 25 minutes.
Fluff rice with a fork and let it sit, covered, for 5 minutes before serving.
If your rice starts burning, don’t panic! Instead, carefully bring the pot to the sink, run cold water over the bottom (to stop the cooking process) and gently shake the rice into a new saucepan, excluding any burnt grains. For extra insurance, place a slice of bread on top of the rice; cover the pan, and finish cooking. The bread will absorb any lingering burnt smell to help your grains taste as good as you intended.