Place rice in a bowl, cover with warm water, and soak while meat is cooking.
Heat olive oil in a pot over medium-high heat and saute bones until lightly browned, about 5 minutes. Transfer bones to a plate. Add onion to the same pot and cook until soft and translucent, about 5 minutes. Add beef and brown on all sides, 5 to 10 minutes.
Return bones to the pan and stir in carrots. Sprinkle with cumin. Add whole chile peppers and garlic; stir everything together and season with salt. Pour in enough hot water to cover. Bring to a boil, reduce heat and simmer until flavors are well combined, 35 to 40 minutes.
Remove bones with kitchen tongs and add rice. Pour in 2 cups hot water and smooth the rice out so it lays flat on the top, but do not stir. Cover pot and cook over low heat until rice is soft, 20 to 25 minutes. Stir together before serving.