Add 1 teaspoon of oil to the onions and 1 teaspoon of oil to each of the bell peppers. Heat a 10-inch skillet over high heat and add the onions and bell peppers.
Add the Barbecue Magic and cook, stirring frequently, for 2 minutes. Add the butter and cook until the butter has melted and the mixture has darkened slightly, about 1 minute. Add the rice and toss until evenly coated. Continue to cook the rice, tossing frequently and scraping the bottom to prevent sticking. When the rice is heated through and glossy, about 4 minutes, remove from heat and serve.
Note: Day old rice works best for this dish.