In a medium size saucepan combine the oil, bell pepper, onion and garlic. Simmer over medium heat until onion is beginning to become translucent and bell pepper is soft.
Add the rice and cooked bacon and cook for about 2 minutes more, add liquid and bring to a full rolling boil, cover and pull off heat.
Let stand and cook for 15-20 minutes. Most important don't lift the lid!
Notes
You can add sliced olives, corn any number of other items to make this your own.