Heat the oil in a large skillet over medium heat. Add the onions and green peppers; cook and stir until soft. Season with salt, pepper and paprika. Put in tomatoes, cover and simmer for about 5 minutes.
In a separate skillet, fry the pepperoni or sausage until browned. Mix into the pan with the tomatoes. Cover and simmer for 5 more minutes. Serve over hot cooked rice.
