Rinse the Rice: Place the basmati rice in a fine-mesh strainer and rinse it thoroughly under cold running water until the water runs clear. Set the rice aside to drain.
Sauté the Onion: Heat the olive oil in a medium-sized pot over medium heat. Add the diced yellow onion and sauté for 6–8 minutes, or until the onion becomes translucent.
Cook the Garlic: Add the finely minced garlic to the pot and cook for 1 additional minute. Turn off the heat.
Combine the Ingredients: Add the rinsed and drained rice to the saucepan along with 1 3/4 cups water, 1/2 teaspoon kosher salt, diced red and green bell peppers, lemon juice, fresh thyme sprigs, and dried oregano.
Simmer the Rice: Bring the mixture to a simmer, then cover the pot with the lid. Cook for 10 minutes, or until most of the water has been absorbed.
Finish Steaming: Turn off the heat and leave the covered rice on the hot cooking element with the heat off, allowing it to finish steaming.
Remove the Thyme: Remove the woody thyme stems from the cooked rice and discard them.
Fluff and Garnish: Gently fluff the rice with a fork, then garnish with sliced green onion and lemon zest.
Serve: Serve the Mediterranean rice while warm and enjoy.