Heat a large skillet over medium-high heat and stir in the ground beef, onion, green and red peppers, beef bullion, salt, seasoned salt, and pepper. Cook and stir until the beef is crumbly, evenly browned, and no longer pink. Drain and discard any excess grease. Stir in the water and rice. Bring to a boil over high heat, then reduce heat to medium-low, cover, and simmer until the rice is tender, and the liquid has been absorbed, 20 to 25 minutes.
