In a saucepan over medium-high heat, melt butter. Make sure it doesn't burn.
Once butter's melted, toss in diced peppers and onions. Stir and sauté for 5-7 mins until they're nice and soft.
Add chicken broth, salt, garlic powder, thyme, paprika, pepper, and a bay leaf. Let it all come to a lively boil.
Throw in the rice, give it a good stir, and cover it up with a lid. Lower the heat to keep it simmering.
Let it simmer for 20-25 mins. Your rice should be cooked just right – tender and delicious. Take it off the heat, cover, and wait for 10 mins.
Grab a fork, fluff up the rice, and serve. Dive into the goodness of your homemade Cajun Rice – it's that simple and that tasty! Enjoy!