Meanwhile, heat the olive oil in a large skillet over high heat. Add the onion and sauté until soft and lightly browned, about 8 minutes. Add the soaked TVP to the onions. Cook the TVP for a few minutes.
Stir in all the remaining ingredients except the peppers and turn down heat to medium low. Simmer, stirring often, for about 10 minutes.
Add the peppers and cook for about 5 more minutes. Adjust seasoning to taste and serve warm in burger buns or over bread