The most likely candidate is Pseudosquilla ciliata. The eyes should have a slight checker-board appearance.
"Rainbow" is a name that has been used for several species of stomatopod including P. ciliata. You will also see it referred to as the "false" mantis and the "false ciliated" mantis.
This is one of the most common of all stomatopods. It is found in tropical and subtropical waters all around the world except on the Pacific coast of the Americas. It is frequently seen in Hawaii, Florida and on just about any reef, reef flat or sea bed. It also has a considerable depth range. I have collected it from the low intertidal to over 40 m.
Roy