In the skillet, heat oil over medium-high heat. Add the onion and cook until softened, about 2 to 3 minutes. I like the onions to begin caramelizing and the potatoes to get a really nice golden color, but I don’t know that this is traditional.
Add the potatoes, salt, and pepper. Cook, tossing, until the potatoes start to brown, about 8 to 10 minutes. You want the potatoes to start to soften before you add the peppers.
Add pepper strips and reduce heat to medium-low. Cover and cook, stirring occasionally, until potatoes are tender and browned, about 7 to 10 minutes. Serve hot or at room temperature.