Cook rice according to package directions.
Heat oil in Dutch oven or large high-sided skillet set over medium heat; cook onion, bell peppers and garlic for 5 to 7 minutes or until softened.
Increase heat to medium-high; cook ground beef, breaking up with wooden spoon, for 8 to 10 minutes or until browned. Add cumin, oregano, paprika, salt, cayenne and pepper; cook for 1 to 2 minutes or until fragrant.
Stir in chicken broth, tomato sauce, olives and raisins. Reduce heat to medium; cover and simmer for 10 to 12 minutes or until beef is cooked and picadillo is thickened.
Garnish with cilantro. Serve with rice.
Serve with fried plantains and black beans on the side for a real feast.