In a medium saucepan, add the coconut and toast over medium high heat until lightly browned. It toasts very quickly so don’t walk away during this process. Remove to a bowl and set aside.

Add the olive oil to pan and heat over medium high heat. Add the rice and sauté for 2-3 minutes. Add broth, coconut milk, salt, and pepper and bring to a boil. Add the lime or lemon slice and cover with lid. Turn heat down to low and cook for 15 minutes. Add frozen peas and coconut and lightly stir. Remove from heat. Fluff rice. Cover rice and let stand for 5 minutes before serving.