In a large soup pot, over medium heat, brown ground beef. Drain fat, if desired.
Add diced bell peppers and onions to pot, season with Montreal steak seasoning, salt and pepper. Saute for 5 minutes.
Add the remaining ingredient to the soup - rice, canned mushroom soup, beef stock, spaghetti sauce and water. Increase the heat to high, bring to a boil, scraping the bottom of the soup pot.
Reduce to low, cover and cook for 25-30 minutes until the rice is tender, stirring occasionally.