Preheat oven to 350 degrees F.

In a large oven-safe pot, melt butter over medium-low heat. Add onion, bell pepper, and salt. Sweat onion and pepper until aromatic, stirring constantly. If the veggies start to brown, turn down the heat. Add rice and stir to coat rice in butter. Cook until rice smells nutty. Add chicken broth, lime zest, turmeric with water, and bay leaf. Bring to a boil, stir once, and cover pot with a damp kitchen towel. Place lid on pot and fold towel corners over lid.

Bake for 15 minutes. Rest at room temperature for 15 minutes without removing the cover. Remove lid, discard bay leaf, and fluff with a fork.