Combine the first 3 ingredients in a medium saucepan; bring to a boil. Stir in rice. Cover, reduce heat, and simmer 5 minutes. Remove from heat; let stand for 5 minutes.
Heat olive oil in a large skillet over high heat. Add chicken pieces; cook 2 minutes or until browned, stirring occasionally. Add onion and bell pepper; sauté 4 minutes or until tender. Stir in peas, sliced olives, and garlic; sauté 1 minute. Add rice mixture; cook 1 minute or until thoroughly heated, stirring constantly.