Alternatively, you can cook this on the stove with a large saucepan with a tightly fitted lid. Saute the peppers and garlic in the olive oil for 2 minutes. Pour in the rice and saute for one more minute. Add the water, stir to combine, and cover tightly with the lid. Reduce the heat and let the rice cook for 15-20 minutes until all of the water has evaporated and the rice is fluffy. Do NOT remove the lid during the cooking time. Keep a close eye on the rice near the end of the cooking time, the rice is prone to burning near the end. Remove the lid and fluff the rice with a fork, and serve.