Cook bacon In large saucepan over medium heat until crisp and fat has been rendered.
Stir in peppers; cook over medium heat stirring occasionally, 5 minutes or until crisp- tender. Stir in rice and cook, stirring, 4 minutes. Stir in peas, tomato, water and Knorr® Mi Arroz™ Red Rice Seasoning Mix and bring to a boil over medium-high heat. Reduce heat to low; cover and cook 18 to 20 minutes or until liquid is absorbed and rice is tender. Remove from heat and stir in olives and capers; let stand 10 minutes before serving.