In a large bowl, stir together garlic, red pepper flakes, lime juice, salt and pepper. Add the chicken, toss to coat, and refrigerate for at least 1 hour or overnight.
In a large frying pan with a lid, heat olive oil over medium heat. Arrange chicken in the pan, skin side down, and cook without turning, until golden brown, about 10 minutes. Turn the chicken, cover the pan, and cook until golden brown on other side, about 10 minutes.
Meanwhile, in a saucepan, warm broth over medium-high heat. Remove from heat and crumble in saffron; set aside.
Transfer chicken to a plate and pour off all but 2 tablespoons fat from the pan. Add the onion and bell peppers and sauté until softened, about 3 minutes.
Add the tomatoes, cumin, bay leaves, and rice and cook, stirring constantly, until the rice has absorbed the juices, about 5 minutes.
Pour the saffron broth into pan and stir. Place the chicken on top. Raise heat to medium-high and bring to a boil. Reduce heat to low, cover, and simmer 35 minutes, or until the chicken is cooked through, the rice is starting to get tender and about half of the liquid has been absorbed. Remove lid and cook until the rice is tender, and the liquid has been absorbed, about 10 to 15 additional minutes. Stir occasionally to prevent the rice from sticking to the bottom of the pan.
Let stand for 5 minutes. Remove bay leaves. Top with olives and cilantro, as desired. Serve immediately.