Cut slits in chicken to the bone and season with sazón, adobo, salt and pepper to allow it to marinate for about 30 minutes.
Drizzle the oil in the caldero and heat it up. Once the oil is warm, brown chicken on both sides and remove from the pan, about 5 minutes on each side.
Next, add sofrito and tomato sauce to the oil to wake it up, stir for 30 seconds to 1 minute. Then add the rice to toast it for 1-2 minutes.
Add the water along with olives if you are including them and bring everything to a boil and add back the browned chicken on top and any juices.
Reduce heat to a low simmer and cover for about 30 minutes until chicken reaches an internal temperature of 165°F.
Notes
Substitute achiote oil for the canola oil if you have it, it will enhance the flavor and color of your final dish.