Make the annatto oil: in a small saucepan combine 1 1/2 tablespoons annatto seeds and 3 tablespoons extra virgin olive oil. Heat over low–medium heat until tiny bubbles form around the seeds (do not let the oil smoke).
As soon as bubbles appear, turn off the heat and let the seeds steep in the hot oil for 2 minutes (do not overcook the seeds to avoid bitterness).
Strain the oil through a fine-mesh sieve into a heatproof container and discard the seeds. Measure out 4 tablespoons of the strained annatto oil and reserve for the rice.
In a large saucepan over medium heat, warm the 4 tablespoons annatto oil.
Add 1 finely chopped garlic clove and 1/2 medium onion (finely chopped). Cook, stirring, about 3 minutes until the garlic and onion are softened and lightly golden (avoid burning).
Add 1 1/2 cups green peas and 1 cup diced roasted peppers. Cook, stirring occasionally, for 5 minutes until heated through.
Add 4 cups cooked jasmine rice. Break up any clumps and stir until the rice is well coated with the annatto oil; if the rice looks pale, add more of the annatto oil you prepared, a little at a time.
Season with 1 teaspoon paprika, 1/2 teaspoon salt, 1/2 teaspoon pepper, the zest of the whole lime, and 1 tablespoon lime juice. Stir to combine and cook for another 2 minutes to warm and meld the flavors.
Serve warm.