Pat the chicken thighs dry with paper towels and season evenly with the salt and black pepper. Drying the chicken ensures it will sear properly and develop a better flavor.

Heat the olive oil in a large Dutch oven or heavy-bottomed pot over medium-high heat. Add the seasoned chicken thighs and sear for 4 to 5 minutes per side until golden brown, then transfer them to a plate.

Lower the heat to medium and add the chopped onion and red bell pepper to the pot. Sauté for about 5 to 7 minutes until the onions are translucent and the peppers have softened.

Stir in the minced garlic, ground cumin, and annatto powder, cooking for about 1 minute until highly fragrant. The annatto will give the vegetable base a beautiful, authentic golden-orange color.

Pour in the coconut milk and chicken broth, using a wooden spoon to scrape up any browned bits from the bottom of the pot. Bring the creamy mixture to a gentle simmer.

Return the chicken and any accumulated resting juices to the pot, cover with a lid, and reduce the heat to low. Let it simmer gently for 25 to 30 minutes, or until the chicken is fully cooked and tender enough to easily pull apart with a fork.

Remove the lid and simmer for an additional 5 minutes to allow the coconut sauce to thicken slightly. Stir in the fresh chopped cilantro just before serving, and portion hot alongside white rice or fried sweet plantains.