In a food processor or blender, blend the tomatoes, garlic, onion and 1/3 cup vegetable broth until smooth. Set aside. Heat the oil in a large saucepan over medium heat. Add the rice and stir until coated with the oil.
Stir the tomato mixture into the rice. Add the remaining broth, cover, and cook over low heat until the liquid has been absorbed and the rice is tender, about 25 minutes.
Stir in the peppers and green chilies. Heat through and serve immediately.