Bring chicken broth and tomato sauce to a boil in a small saucepan, about 5 minutes. Reduce heat to medium and maintain a simmer while preparing the remaining ingredients.

Meanwhile, place bacon in a large skillet and cook over medium-high heat, turning occasionally, until evenly browned, about 10 minutes. Transfer bacon to a paper towel-lined plate, reserving bacon grease in the skillet. Chop bacon.

Cook and stir onion in reserved bacon grease over medium heat until tender, about 5 minutes. Stir in rice; cook and stir until lightly browned, 3 to 5 minutes. Pour boiling chicken broth and tomato sauce into rice mixture; add diced tomatoes, green peppers, and chopped bacon. Season with chili powder, salt, and pepper.

Cover and simmer until rice is tender and liquid is absorbed, 30 to 40 minutes. Stir black olives and corn into rice mixture before serving.