Cut bell peppers in half lengthwise, and discard seeds and membranes. Place pepper halves, skin sides up, on a foil-lined baking sheet; flatten with hand. Broil 8 minutes or until blackened. Place in a zip-top plastic bag; seal. Let stand 5 minutes. Peel and chop.
Cook bacon in a large nonstick skillet over medium-high heat until crisp. Remove bacon from pan, reserving 1 teaspoon drippings in pan. Add garlic to pan, and cook 30 seconds, stirring constantly. Add the bell peppers, bacon, tomato, olives, salt, and black pepper; cook 3 minutes or until thoroughly heated, stirring occasionally. Combine bell pepper mixture and pasta in a large bowl; sprinkle with cheese and basil.