Heat the olive oil in a large deep skillet or Dutch oven over medium-high heat.
Add the sliced Italian sausage and cook, stirring occasionally, until browned and cooked through, about 5-7 minutes. Remove sausage from the skillet and set aside.
In the same skillet, add the diced onion and cook until softened, about 3 minutes.
Add the minced garlic and cook for 30 seconds until fragrant.
Add the sliced red and green bell peppers and cook until slightly softened, about 4 minutes.
Stir in the rinsed rice and cook for 1-2 minutes, stirring frequently, to lightly toast the rice.
Pour in the chicken broth, then add the dried oregano, smoked paprika, crushed red pepper flakes, salt, and black pepper. Stir to combine.
Return the cooked sausage to the skillet and stir to evenly distribute.
Bring the mixture to a boil, then reduce heat to low and cover the skillet with a tight-fitting lid.
Simmer for 18-20 minutes, or until the rice is tender and has absorbed the liquid.
Remove from heat and let sit, covered, for 5 minutes.
Fluff the rice with a fork and stir in the chopped fresh parsley.
Serve warm.