In a bowl, combine 1/2 cup of chicken (or vegetable) broth and saffron. Set aside.
Heat the olive oil in a Dutch Oven over medium-high heat. Season the chicken with salt and pepper on both sides. Place the chicken skin side down in the Dutch Oven and cook on both sides until golden brown, about 5 minutes per side. Transfer the chicken to a plate.
Add the onion, garlic, and red pepper, and cook, stirring often, for about 4-5 minutes. Add the tomato, saffron, bay leaves, salt, and pepper, and cook for an additional 5 minutes.
Stir in rice, the remaining broth, and olives. Place the chicken into the rice, skin side up, and bring to a simmer. Cover with a lid; reduce heat to low and simmer for 15 minutes. Remove from heat and let it stand (covered) for 5 minutes. Sprinkle with green peas before serving.
