01 - Pour olive oil into a medium saucepan and set over medium heat until shimmering.
02 - Add chopped onion to the hot oil and cook for 2 to 3 minutes until softened and translucent.
03 - Stir in diced red and green bell peppers, continuing to cook for another 3 to 4 minutes until tender.
04 - Toss in minced garlic and sauté briefly for 30 seconds until fragrant, being careful not to burn.
05 - Add rinsed rice to the pan, stirring constantly to coat each grain with oil and distribute vegetables evenly.
06 - Pour in vegetable broth, then add salt, black pepper, dried thyme, and bay leaf. Stir thoroughly to combine.
07 - Bring mixture to a gentle boil, then reduce heat to low. Cover tightly and simmer for 15 to 18 minutes until rice is tender and liquid is fully absorbed.
08 - Remove from heat and keep covered for 5 minutes. Discard bay leaf, then fluff rice with a fork.
09 - Sprinkle chopped fresh parsley over top and serve with lemon wedges on the side.