In a medium bowl, combine the garlic powder, onion powder, coriander, cumin, lime zest and juice, salt and pepper. Add the olive oil and stir to form a paste. Add the chicken and toss to coat. Set aside.
Preheat the oven to 350 degrees F. Heat a dutch oven, saute pan, or any deep oven-safe pan with a lid over medium heat. Add the chopped bacon and cook until browned. Remove bacon to a plate and drain all but one tablespoon of the fat from the pan.
Return the pan to the heat and place the chicken thighs in the pan. Sear on both sides until golden brown, and remove to a plate. If any black bits have accumulated in the bottom of the pan, wipe them out with a paper towel. Brown bits are fine!
Add one tablespoon of olive oil to the pan and return to medium heat. Add the onions and peppers and cook until tender, 3-4 minutes.
Stir in the turmeric and salt. Add the rice and stir until coated with the spices.
Slowly pour in the chicken stock, and stir. Add the chicken back to the pot, laying it on top of the rice, and sprinkle the surrounding rice with the bacon.
Raise the heat to medium high and bring to a simmer. Place the lid on the pot or pan. If the lid does not fit tightly enough, cover the pot with a sheet of aluminum foil before placing the lid on and press down tightly.
Transfer the pot to the oven and bake for 35 minutes. Remove the lid and continue baking for another 5-10 minutes, until the rice is fully cooked and has absorbed all the liquid, and the chicken is no longer pink.
Garnish with chopped cilantro.