In a 2-quart saucepan over medium-high heat, warm the oil for 30 seconds.
Add the carrots, peppers and onions; saute for 2 minutes.
Add the rice and lentils; saute for 2 minutes.
Add the stock, chili powder and cumin.
Bring to a boil.
Stir once, cover, and simmer for 12 minutes.
Add the peas.
Cover and cook for another 5 to 7 minutes, or until the rice is tender and the liquid has been absorbed.
Decorate with cilantro and serve