In large skillet, heat the oil over medium-high heat. Add peppers; cook, stirring occasionally, until softened, 5 minutes. Add dried onion, garlic and rice; cook 2 minutes. Stir in reserved clam liquid (save clams for step 2), clam juice, water and Sazon seasoning. Cover; simmer for 10 minutes.
Stir in chopped clams, shrimp, ham, olives and peas; simmer, covered, 10 minutes, stirring occasionally.
Remove from heat. Let stand, covered, 10 minutes; all the liquid should be absorbed. Makes 6 servings.