Heat oil in 4-quart Dutch oven on medium-high heat. Add sweet potatoes, bell pepper, onion and 1 tablespoon each of the cilantro and olives, and 1 teaspoon of the chiles; cook and stir 3 to 5 minutes or until bell pepper and onion are softened and sweet potatoes are lightly browned. Add rice, cumin, garlic powder, oregano, smoked paprika and sea salt; cook and stir 2 to 3 minutes or until rice begins to look translucent.
Stir in pigeon peas, coconut milk, water and tomato sauce. Bring to boil on medium-high heat. Reduce heat to low; cover and simmer 20 minutes or until rice is tender and liquid has been absorbed. Remove from heat. Let stand, covered, 5 minutes. Uncover and let stand another 5 minutes. Fluff rice with a fork.
Mix toasted coconut, the remaining cilantro, olives and chilies in small bowl. Serve rice with coconut mixture.