Broil peppers on an aluminum foil-lined baking sheet 5 inches from heat about 5 minutes on each side or until peppers look blistered.
Place peppers in a zip-top plastic bag; seal bag, and let peppers stand 10 minutes to loosen skins. Peel peppers; remove and discard seeds. Chop peppers, and set aside.
Sauté onion in hot oil in a Dutch oven over medium-high heat until tender. Add squash and garlic; cook, stirring often, 15 minutes or until squash begins to soften.
Process half of squash mixture in a food processor or blender until smooth, stopping to scrape down sides. Return to Dutch oven.
Add chopped pepper, peas, and next 5 ingredients; cook over medium heat 15 minutes or until squash is tender. Stir in cilantro; remove from heat.