In a large pot, bring 4 cups of water to a boil. Add the rinsed rice, stir, and reduce heat to low. Cover and simmer for 18-20 minutes or until the water is absorbed and the rice is tender.
While the rice is cooking, heat olive oil in a separate large skillet over medium heat. Add the diced onion and green bell pepper, and cook until softened, about 5 minutes.