01 - Heat olive oil in a medium saucepan over medium heat.
02 - Add the onion and sauté for 2–3 minutes until softened and translucent.
03 - Stir in the diced peppers and cook for another 3–4 minutes until tender.
04 - Add the minced garlic and sauté for 30 seconds until fragrant.
05 - Stir in the rinsed rice, coating it well with the oil and vegetables.
06 - Pour in the vegetable broth, add salt, pepper, thyme (if using), and the bay leaf. Stir to combine.
07 - Bring to a gentle boil, then reduce heat to low, cover, and simmer for 15–18 minutes, or until the rice is tender and the liquid is absorbed.
08 - Remove from heat. Let stand, covered, for 5 minutes. Discard the bay leaf.
09 - Fluff rice with a fork, garnish with chopped parsley, and serve with lemon wedges if desired.