Melt butter in a medium saucepan over medium heat. Add onion and next 4 ingredients; cook 4 to 5 minutes or until tender, stirring often.
Add rice and cook, stirring constantly, 1 minute. Stir in chicken broth; bring to a boil over medium-high heat. Cover, reduce heat, and simmer 20 minutes or until liquid is absorbed. Remove bay leaf; stir in pecans.
I almost didn't use the toasted pecans but am so glad I did! This rice is amazing and the flavor melds perfectly with the key lime grilled shrimp. I think this rice recipe would go well with perhaps a spicy cajun dish. I will experiment. But it is fantastic!