In a saucepan bring water to a boil. Stir in rice. Reduce heat, cover and simmer for 20 minutes.
Meanwhile, heat peanut oil in a large skillet or wok over medium heat. Add onions, bell pepper, garlic and pepper flakes, to taste. Cook 3 minutes, stirring occasionally.
Increase heat to medium-high and stir in cooked rice, green onions and soy sauce. Stir-fry for 1 minute. Add peas and cook 1 minute more. Remove from heat. Add sesame oil and mix well. Garnish with peanuts, if desired.