Cook and stir rice and oil in a skillet over medium heat until lightly toasted, about 2 minutes. Add onion and cook for 2 minutes. Add garlic and cook until fragrant, about 1 minute.

Pour chicken broth into rice mixture and bring to a boil; stir tomato, cumin, saffron, salt, and black pepper into broth and bring to a boil. Cover, reduce heat to low, and simmer until rice is cooked, about 20 minutes.

Stir peas and carrots into cooked rice; garnish with cilantro.