Clean and cut chicken breasts. Sprinkle Adobo over the chicken and toss until evenly coated, set aside. This step can be done hours ahead or overnight.
Heat a 4-quart caldero or shallow heavy bottom pot over medium heat. Brown chicken on all sides in batches – about 4 minutes per side. Transfer chicken to a plate.
Raise heat to medium-high and add 3 – 4 tablespoons achiote oil. Sauté onions, peppers, cilantro, capers, olives and garlic until tender – about 5 – 8 minutes.
Stir in rice and toast for about 3-5 minutes.
Add chicken to the rice and stir to work the chicken into the rice. Add 3 cups of water, bay leaves thyme and season to taste. Make sure that the chicken and rice are covered by the water. Bring the pot to a boil and let the water reduce until the rice is just becoming visible. Cover with the foil and the lid, reduce heat to low and simmer until rice is cooked through, about 25 – 30 minutes.