Season chicken and shrimp, if desired, with salt and ground black pepper. Heat 1 tablespoon oil in 12-inch nonstick skillet over medium-high heat and cook chicken, stirring occasionally, 4 minutes or until chicken is thoroughly cooked. Remove chicken and set aside.
Heat 1 tablespoon oil in same skillet and cook shrimp, stirring occasionally, 2 minutes or until shrimp turn pink. Remove shrimp and set aside.
Heat remaining 1 tablespoon oil in same skillet over medium heat and cook red peppers and sausage, stirring occasionally, 4 minutes or until sausage is browned and peppers are crisp-tender. Stir in garlic and cook 1 minute. Add water and Knorr® Fiesta Sides™ - Spanish Rice. Bring to a boil over high heat. Reduce heat to medium and cook covered, stirring occasionally, 7 minutes or until rice is tender. Stir in chicken and shrimp.