Purée first six sofrito ingredients in a food processor.
Cook ham in annatto oil in pot over medium-high heat (be sure that ham is dry before adding it to the oil), stirring occasionally, until starting to crisp up, approximately 4 minutes.
Add sofrito ingredients, olives and capers and cook, stirring, until liquid has evaporated - about 5 minutes.
Add rice and cook, stirring, until it sizzles - approximately 2 minutes.
Stir in the peas, water and 1 1/4 tsp. salt - bring to a simmer. Simmer uncovered over medium-high heat until almost all of the liquid is absorbed - approximately 10 minutes. Reduce heat to medium when water falls below the level of rice. Gently stir from bottom to top, then smooth the top of the rice.
Cut a parchment paper large enough to cover the rice. Place parchment directly over rice and cover pot with a tight-fitting lid.
Reduce heat to low and cook, undisturbed, for 30 minutes.
Remove from heat, then discard parchment paper and gently fluff rice with a fork.