Season chicken thighs with black pepper and adobo seasoning.
Heat olive oil in a large pot over medium-high heat. Cook and stir green pepper, red pepper, onion, garlic, and tomato paste in the hot oil, until the vegetables have softened slightly, 3 to 4 minutes. Remove vegetables from the pot and set aside.
Pan fry chicken in the pot until browned, 4 to 5 minutes on each side. Return cooked vegetables to the pot along with rice, diced tomatoes, chicken broth, bay leaf, and red pepper flakes. Bring to a boil, then reduce heat to medium-low and simmer until rice is tender and chicken is no longer pink inside, about 20 minutes.
Stir in peas and olives and cook for another 5 minutes. Remove from heat and discard bay leaf. Stir in cilantro and serve.