Heat the olive oil in a large deep skillet or Dutch oven over medium heat.
Add the sliced Italian sausage to the skillet and cook for 5-7 minutes, stirring occasionally, until browned and cooked through. Remove the sausage from the skillet and set aside.
In the same skillet, add the diced onion and cook for 3 minutes until softened.
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 they begin to soften.
Stir in the rinsed rice, dried oregano, smoked paprika, and crushed red pepper flakes, coating the rice and vegetables evenly.
Pour in the chicken broth and stir to combine. Season with salt and black pepper to taste.
Return the cooked sausage to the skillet, distributing it evenly over the rice and peppers.
Bring the mixture to a boil, then reduce heat to low, cover, and simmer for 18-20 minutes, or until the rice is tender and the liquid is absorbed.
Remove the skillet from heat and let it sit, covered, for 5 minutes.
Fluff the rice with a fork and garnish with chopped fresh parsley before serving.