Preheat oven to 475°F. Sprinkle chicken with salt, red pepper and black pepper. Heat oil in a large nonstick skillet over medium-high heat. Add chicken; cook 3 to 4 minutes. Turn chicken; cook 4 minutes more. Remove chicken to casserole with cover.

Add onions to same skillet and cook 2 to 3 minutes, stirring often, adding a little water if onion starts to brown too much. Add bell peppers and garlic and cook, covered, 2 to 3 minutes longer, adding additional water if needed to prevent burning. Stir in olives.

Pour onion mixture over chicken. Cover; bake 15 minutes or until chicken is no longer pink in center.