Combine rice, water (or broth) and salt in a saucepan. Bring to a boil, then cover, reduce heat to low, and simmer . Remove from heat and set aside when done. Keep covered.
Cut the sausage into bite-sized pieces, about 1-inch cubes. For extra flavor you can use chorizo too . When the oil is very hot, add the sausage in a single layer. Brown on one side, about 2-3 minutes, then flip and brown on the other side. Remove the sausage to a plate and set aside
Add the remaining olive oil to the pan, increase heat to high, and when the oil is hot, carefully add the onions and bell peppers. Add more seasoning and cook, stirring occasionally, until the vegetables are softened and browned.
Add the onions and bell peppers, then add the sausage back in, along with any juices that may have collected on the plate. Add the cooked rice and stir until well combined.