Season the chicken with adobo, oregano, garlic powder, and onion powder.
Heat oil in a large pan over medium heat. Add chicken skin side down and cook 5–7 minutes until golden. Flip and cook another 4–5 minutes. Remove and set aside. Chicken will not be fully cooked yet.
In the same pan, cook diced onion for 4–5 minutes until softened. Add garlic and cook 30 seconds.
Stir in tomato paste, sazon, soy sauce, and a pinch of salt. Cook for 2 minutes.
Return chicken to the pan. Pour in broth and add sliced bell pepper.
Bring to a simmer. Partially cover and cook 35–45 minutes until chicken is tender and sauce thickens.
Stir in ketchup, cilantro, and olives. Simmer uncovered 5 minutes, taste and adjust salt. Serve and enjoy!