In a skillet at medium heat, add the oil, onion and serrano pepper. Once oil onion and serrano beome aromatic, pour in the rice. Cook, stirring often, until the rice becomes toasted, lightly brown and aromatic.
While the rice toast, on another burner, add the water(or broth) and bouillon. Heat on medium and stir just to dissolve the bouillon. Do not let it boil. If you prefer not to use bouillon, you can use chicken base or better than bouillon.
To the blender, add the tomato and garlic. Blend until smooth. Once the rice is toasted, add the blended tomato puree from blender. Gently stir to combine and cook for 2-3 minutes or until the sauce reduces and becomes thick.
Carefully pour in the warm broth reserved on the back burner. Gently even out the rice in the skillet. Taste for salt. At this time you could add a few sprigs of fresh cilantro. Cover and lower the heat to low. Set timer for 15 minutes.
After 15 minutes, uncover the rice and add the peas and carrots in an even layer on top. Cover and cook for 5 more minutes. Remove from heat and let stand for 10 minutes.
At this time, you can remove the large pieces of onion and cilantro. Fluff the rice with a fork stirring from the outer edges in to combine everything. Keep covered until ready to serve.