Heat oil over medium heat in a large saucepan or pot. Add the onion and sauté for 3 minutes. Add the garlic and stir for a minute. Add the carrot and sauté for 2 minutes more.
Add the cumin, salt, pepper, tomato paste and jalapeño. Stir and cook for 2 minutes, scraping browned bits up from the bottom. Add the rice and sauté for several minutes.
Pour chicken stock into pot and stir to mix thoroughly. Bring to a boil and cover. Lower heat and simmer for 25 minutes or until all liquid has been absorbed.
Turn off heat and allow to rest 5 minutes and then fluff with a fork and serve with lime wedges and chopped cilantro.
Video
Notes
Rinsing the rice removes some of the starch, which prevents it from becoming clumpy.
Diced jalapeño is included in the recipe, but was omitted from the dish in the photos because I didn't have one on hand.