Bring broth and rice to a boil in a saucepan. Reduce heat to medium-low, cover, and simmer until the rice is tender and liquid has been absorbed, 20 to 25 minutes.
Heat olive oil in a pot over medium-high heat. Saute onion in hot oil until translucent, 5 to 7 minutes. Stir rice, black-eyed peas, and Cajun seasoning into onion, cover the pot with a lid, and cook until flavors blend, about 10 minutes.
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