Heat the olive oil in a medium saucepan over medium heat. Add the onion and pepper and cook until tender, about 5 minutes. Add the rice and stir to completely coat all the rice with the oil. Stir in the chicken stock, saffron, salt, to taste and the peas. Cover and reduce the heat to low. Cook until the liquid has been absorbed and rice is tender, about 20 minutes. Remove from the heat and cool until slightly warm, about 30 minutes.
For Rice cakes
Using a small ice cream scoop or tablespoon, scoop out tablespoon-size balls of rice and form into cakes, about 1 1/2 inches diameter. Put the cakes in a baking dish and layer between sheets of waxed paper.
In a small bowl, beat together 2 eggs with 1/4 cup of water. Put the bread crumbs into a shallow dish. Dredge each of the rice cakes into the egg mixture and then into the bread crumbs, making sure they are completely coated. Transfer the breaded cakes to a baking dish that has a layer of bread crumbs on the bottom. Layer the cakes between sheets of waxed paper and sprinkle the layers with bread crumbs.
Heat the oil in large saute pan over medium-high heat. Fry the cakes in batches, 3 to 4 minutes per side or until golden brown. Place onto a baking sheet lined with paper towels to drain. Blot the tops of the cakes with paper towel to remove excess oil.
Transfer to a serving platter and garnish with a dollop of sour cream and bit of tapenade.