Heat the oil in a Dutch oven over medium-high heat. Add onion, green bell pepper, celery, and garlic; sauté 5 minutes. Add thyme, red pepper, salt, black pepper, and bay leaves; cook 1 minute. Add water and ham hocks, and bring to a boil. Cover, reduce heat, and simmer 30 minutes. Add peas; cook for an additional 30 minutes.
Remove ham hocks from pan; cool. Remove ham from bones; finely chop. Discard bones, skin, and fat. Add rice and red bell pepper to pan; bring to a boil. Cover, reduce heat, and simmer 15 minutes. Remove from heat; stir in ham. Discard bay leaves. Spoon into a serving dish, and sprinkle with green onions.