Heat oil in large skillet on medium-high heat. Add bell peppers; cook and stir 3 to 5 minutes or until tender-crisp. Remove from skillet. Add sausage to skillet; cook and stir 5 minutes or until no longer pink.
Stir in Rice Mix and water. Bring to boil. Reduce heat to low; cover and simmer 20 minutes. Return bell peppers to skillet. Cover and cook 5 minutes longer or until rice is tender. Remove from heat. Let stand 5 minutes. Sprinkle with chopped green onion before serving, if desired.