Preheat oven to 375°F. Season chicken with 2 tbsp. of the Adobo seasoning. Heat half of the oil in large ovenproof Dutch oven or saucepan set over medium heat; in batches, cook chicken, turning once, for 5 to 8 minutes or until starting to brown. Transfer to plate; set aside.
Add remaining olive oil to pan; cook onion, carrot, green pepper, garlic, and remaining Adobo seasoning for 3 to 5 minutes or until slightly softened. Stir in tomato sauce, Recaito and bouillon; bring to boil. Reduce heat to medium-low; cook for 8 to 10 minutes or until slightly thickened.
Stir in rice and 3 cups water; return to boil. Return chicken to pan, cover and transfer to oven. Bake for 25 to 35 minutes or until rice is tender, most of the liquid is absorbed and chicken is cooked through.
Garnish with lemon wedges and cilantro.
Note: If preferred, use brown rice, adjusting baking time to 40 to 45 minutes and using 4 cups of water.