In a large cast iron skillet, on medium high heat, add vegetable oil. Sprinkle chicken with chili powder, 1 teaspoon salt and 1 teaspoon pepper Add the chicken to the skillet. Brown chicken, about 4 minutes per side. Remove to a plate.
Add the onion, garlic, jalapeño, and bell pepper to the skillet and sauté until the onion is soft, about 8 minutes. Add the tomatoes with all the juice. Saute until tomato starts breaking down, stirring frequently.
Add the chicken stock and bring to a boil. Stir in the rice, 1 teaspoon of salt and ½ teaspoon black pepper. Turn heat down and bring to a simmer.
Arrange the chicken pieces on the rice, skin side up. Toss in olives. Simmer for 25- 30 minutes until the chicken is just cooked through and the rice is tender and has absorbed the stock.
Preheat the broiler. Place skillet under broil to crisp chicken skin. Remove from broiler and squeeze lemon juice over entire dish. Fluff rice with fork. Serve.