In a large pot or Dutch oven, heat 2 tablespoon of olive oil over medium-high heat. Add the chicken breast pieces to the pot and cook until lightly browned on all sides, about 4-5 minutes.
In the same pot, add the chopped onion, green bell pepper, red bell pepper, and minced garlic. Sauté for about 5 minutes, or until the vegetables are softened.
Stir in the ground cumin, oregano, sazón seasoning and adobo seasoning. Cook for another 1-2 minutes until fragrant.
Pour in the tomato sauce and chicken broth, stirring to combine. Bring the mixture to a simmer.
Stir in the rice and bay leaf. Reduce the heat to low, cover, and let the stew simmer for about 20 minutes, or until the rice is tender and the chicken is cooked through.
Stir in the peas and sliced green olives (if using). Cook for another 5 minutes, or until the peas are heated through. Taste and adjust the seasoning with freshly ground black pepper if needed.
Remove the bay leaf. Ladle the asopao into bowls and garnish with chopped fresh cilantro and parsley. Serve with lime wedges on the side.