Blend the tomatoes, bell peppers, and Scotch bonnets until smooth and set aside.
Heat the oil in a large wide pot over medium-high heat. Add the onion and cook for about 5 minutes until translucent.
Stir in the garlic and tomato paste, cooking for an additional 2-3 minutes until fragrant.
Pour in the tomato-pepper puree and bring to a simmer. Cook for 20-30 minutes, stirring often until the sauce thickens to a brick red color and oil separates at the edges.
Add the chicken stock, curry powder, thyme, salt, pepper, and bouillon if using. Boil uncovered for 5 minutes.
Add the rinsed rice and bay leaves, stirring only once to prevent stickiness. Bring back to a gentle boil for 1-2 minutes uncovered.
Reduce the heat to low, cover, and let it simmer gently for 20-25 minutes until the liquid is absorbed. Do not stir during this time.
Turn off the heat and leave covered for 10-12 minutes to steam. Fluff with a fork and serve.