Drain bell peppers on paper towels; chop and set aside.
Combine yeast, sugar, and warm water in a 2-cup liquid measuring cup; let stand 5 minutes. Combine flour, bell peppers, Parmesan cheese, and next 3 ingredients in a large bowl; gradually add yeast mixture, stirring until blended.
Turn dough out onto a well-floured surface; and knead until smooth and elastic (about 10 minutes). Place dough in a bowl coated with cooking spray, turning to coat top. Cover and let rise in a warm place (85°), free from drafts, 1 hour or until doubled in bulk.
Punch dough down; turn out onto a lightly floured surface, and knead 4 or 5 times. Divide dough in half. Shape each portion into a 12-inch loaf. Place loaves on a large baking sheet coated with cooking spray. Let rise in a warm place (85°), free from drafts, 45 minutes or until doubled in bulk.
Preheat oven to 450°.
Bake at 450° for 25 minutes or until loaves sound hollow when tapped, covering with aluminum foil after 15 minutes to prevent excessive browning. Remove from baking sheet immediately; cool on wire racks.