Cut the tomatoes in half, and remove the seeds. Add the tomatoes and 2 cups of broth to a blender and puree. Strain into a bowl and reserve the liquid. Add enough extra broth to make 4 cups of liquid.
In a large saucepan, heat the oil over medium-high heat. Add the onion and carrots and saute for 4 minutes until the onion is translucent. Add the garlic and saute for 1 minute. Stir in the rice and cook until slightly toasted, about 3 minutes. Add the tomato broth mixture, stir and bring to boil. Add the salt, bay leaf, and the serrano chile. Reduce the heat, cover and simmer until the rice is tender, about 20 minutes. Remove the pan from heat. Scatter the peas over the top of the rice, cover, and let the rice stand 5 minutes. Fluff the rice with a fork, transfer to a serving bowl and serve.
For a deeper colored rice, stir in 2 tablespoons of tomato paste when adding the salt, bay leaf and serrano chile.