Rinse the rice with cold water until the water runs clear. Drain well and set aside.
Heat the oil in a large skillet over medium-high heat. Add the rice to the skillet and cook for about 10 minutes, stirring constantly, until the rice is lightly toasted.
Stir in the cumin, chili powder, bouillon powder, and salt and cook for another minute, until the spices are fragrant.
Add the tomato sauce, garlic, onion, serrano peppers, and chicken broth to the skillet and stir to combine.
Bring the mixture to a boil, then reduce the heat to low and cover the skillet with a tight-fitting lid.
Simmer the rice for about 18-20 minutes, or until the liquid is absorbed and the rice is tender.
Remove the skillet from the heat and let it sit (covered) for 5 minutes.
Fluff the rice with a fork, then stir in the chopped cilantro