In a deep skillet or saute pan set over moderate heat, warm the oil until it is hot. Add the onion, green pepper, and garlic, and cook the mixture, stirring occasionally, for 5 minutes, or until softened. Add the tomatoes, bay leaves, oregano, Italian seasoning, and lemon pepper, and cook the mixture 1 minute. Dissolve the bouillon in the water, add to the tomato mixture and simmer, stirring occasionally, for 10 minutes.
Add the rice, cannellini beans, and salt, and simmer the mixture, stirring occasionally, for 5 minutes more, or until beans and rice are heated through. Mixture will have the consistency of a risotto. Remove and discard bay leaves. Season with the olive oil and sprinkle with cheese to taste.