Heat the olive oil in a large deep skillet or Dutch oven over medium-high heat.
Add the sliced Italian sausage and cook, stirring occasionally, until browned and cooked through, about 5-7 minutes. Remove the sausage from the skillet and set aside.
In the same skillet, add the diced onion and cook until softened and translucent, about 3-4 minutes.
Add the minced garlic and cook for 30 seconds until fragrant.
Add the sliced red and green bell peppers to the skillet and cook for 4-5 minutes until slightly softened.
Stir in the rinsed rice and cook for 1-2 minutes, stirring frequently, to lightly toast the rice.
Pour in the chicken broth and add the dried oregano, smoked paprika, crushed red pepper flakes, salt, and black pepper. Stir to combine.
Return the cooked sausage to the skillet and bring the mixture to a boil.
Reduce the heat to low, cover the skillet with a lid, and simmer for 18-20 minutes, or until the rice is tender and has absorbed the liquid.
Remove from heat and let it sit covered for 5 minutes.
Fluff the rice with a fork and garnish with chopped fresh parsley before serving.