In a large Dutch oven or soup kettle, heat the olive oil and add the onion and jalapeno pepper. Cook for about 4 to 5 minutes, stirring occasionally.

Add the remaining ingredients, stir to combine well. Over medium to medium-high heat bring to a boil. Reduce heat and simmer until rice is tender, stirring occasionally. Serve with sour cream, cheddar cheese, and tortilla chips, if desired or top with your favorites.