In a large skillet over medium-high heat, heat oil. Add carrots, bell pepper, onion, and garlic, and cook, stirring frequently, until onions have become translucent, about 5 minutes. Add rice and tomato paste and cook, stirring, until grains are toasted, 2 to 3 minutes.
Pour in broth, diced tomatoes, and tomato sauce and season with cumin, oregano, 1 teaspoon salt, and ½ teaspoon pepper. Bring to a boil. Cover and reduce heat to low.
Simmer until rice is cooked through and liquid is absorbed, stirring occasionally, about 17 minutes.
Stir in cilantro before serving.