In a medium saucepan, combine jasmine rice, coconut milk, and water. Bring to a gentle boil, then reduce heat to low, cover, and simmer for 15-20 minutes.

Heat coconut oil in a large skillet. Add chopped onion and sauté for 3-4 minutes until translucent.

Stir in minced garlic and both bell peppers. Cook for 5-6 minutes until softened.

Season vegetables with black pepper, salt, turmeric powder, and red pepper flakes. Stir well and cook for another minute.

Once the rice is cooked, fold it into the skillet with vegetables. Mix thoroughly and warm for 2-3 minutes.

Garnish with chopped cilantro and serve warm with lime wedges.