Place rice in fine-mesh strainer and rinse under cold running water for 1-1/2 minutes. Shake strainer vigorously to remove all excess water; set aside.
Process tomato, jalapeno, 1-1/2 teaspoons salt, garlic and 1/4 teaspoon pepper in food processor until smooth, about 30 seconds, scraping down sides of bowl as needed. Transfer mixture to 4-cup liquid measuring cup. Stir to deflate foam, if necessary, then add enough broth to equal 2-1/2 cups.
Heat oil in large saucepan over medium-high heat until shimmering. Add rice and cook, stirring frequently, until edges begin to turn translucent, about 2 minutes. Add tomato paste and cook, stirring constantly, until mixture is uniformly colored, about 1 minute. Add tomato mixture and bring to boil. Stir rice, cover, and reduce heat to low. Cook for 20 minutes.
Let stand, covered, off heat for 10 minutes. Stir in cilantro and season with salt and pepper to taste. Transfer rice to serving bowl. Serve with lime wedges