Melt the butter or heat the oil in a medium-sized pot over medium heat. Add the onion and cubanelle peppers and saute until tender, about five minutes.
Add the rice and stir to coat with butter, approximately one minute. Pour in the broth and bring to a boil. Reduce heat to medium-low and cover the pot. Simmer about 25 minutes, or until the broth is absorbed.
Stir in the chopped cilantro, mix to combine and serve.
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