In a large resealable plastic bag, combine flour and pepper. Add venison; shake to coat. In a Dutch oven, brown meat in batches in oil. Add water, broth and bouillon; bring to a boil. Reduce heat; cover and simmer for 1-1/4 hours.
Stir in the potatoes, onion, carrots and rice; return to a boil. Reduce heat; cover and simmer for 30-40 minutes or until vegetables and rice are tender.