Soak the achiote seeds in water for about 30 minutes, until the liquid is a dark rich red. Drain the seeds, reserving the liquid.
Put rice, bacon, and onion in the pot and add the achiote liquid. Bring the rice to a boil and then allow it to boil down until the liquid is almost completely gone, about 15 to 20 minutes. Cover and reduce heat to low, and simmer for 15 minutes. Stir and serve.
Rice Cooker Instructions
Prepare the achiote liquid. Add the rice, bacon, and onions to the rice cooker. Add the achiote liquid in the amount recommended by your rice cooker manufacturer. Cook according to the manufacturer instructions.