In a large pot, heat the olive oil over medium heat. Add the chopped onion, green bell pepper, and minced garlic. Sauté until the vegetables become soft, about 3 to 5 minutes.
Pour in 3 cups of water. Bring the mixture to a gentle simmer, then cover and let it cook for 1 to 2 hours, or until the peas are tender.
Remove the bay leaves from the pot. To serve, spoon a portion of steamed white rice onto a plate and top with the savory black-eyed peas mixture (optionally, mix in rice until combined).