Season chicken generously with salt and pepper.
Heat olive oil in a large pot or Dutch oven over medium-high heat. Sear chicken until golden on both sides; remove and set aside.
Lower heat and sauté onion and bell pepper until soft. Add garlic, cumin, oregano, and bay leaf; cook until fragrant.
Stir in rice, coating well in the aromatics.
Add stock, wine (if using), tomato sauce, saffron, and olives. Bring to a simmer.
Nestle chicken back into the pot, cover, and cook on low until rice is tender and chicken is cooked through (about 25–30 minutes).
Remove bay leaf. Fluff rice, add in frozen peas, place lid on for about 5 minutes.
Garnish with herbs, and serve with lime.