Bring water to boil in a medium pot; add rice. Reduce temperature to a simmer, and cook for 25 to 30 minutes or until done.
Preheat oven to 350 degrees F (175 degrees C). Lightly grease a 9x5 inch loaf pan.
In a medium size mixing bowl, combine onions, carrot, cooked rice, peanut butter, bread, milk, salt and pepper. Place mixture in the prepared loaf pan.