Heat oil in medium saucepan over medium-high heat. Add chorizo; cook, flipping occasionally until golden brown on both sides, about 3 minutes. Add onion, bell pepper, garlic and Sazón; cook, stirring occasionally, until vegetables are beginning to soften, about 5 minutes.
Add chicken bouillon mixture; bring to boil. Stir in rice and chickpeas. Return water to boil, boil 1 minute. Reduce heat to low. Simmer, covered, until rice is tender and water is absorbed, about 25 minutes.
Fluff rice with fork; serve.