Rinse the rice under cold water until the water runs clear.

In a large skillet or saucepan, heat the vegetable oil over medium heat. Add the chopped onion and garlic, and sauté until soft and translucent, about 3-4 minutes.

Add the rice to the skillet and cook, stirring frequently, until the rice is lightly toasted and golden brown, about 5 minutes.

Stir in the tomato sauce, chicken or vegetable broth, ground cumin, chili powder, salt, and pepper. Bring the mixture to a boil.

Once boiling, reduce the heat to low, cover, and simmer for 18-20 minutes, or until the rice is cooked through and the liquid has been absorbed. Avoid lifting the lid while the rice is cooking to ensure even cooking and fluffy texture.

Once the rice is cooked, remove it from the heat and let it sit, covered, for 5 minutes. Fluff the rice with a fork to separate the grains.

Garnish the Mexican rice with freshly chopped cilantro and serve with lime wedges on the side for squeezing over the rice before serving.