Place red peppers in blender or food processor; puree until smooth; set aside.
Sprinkle salt and pepper evenly over both sides of fish. Melt butter and oil in large nonstick skillet over medium heat until hot. Add fish; cook 3 minutes on each side or until opaque. Set aside on separate plate; cover to keep warm.
To pan drippings, add pureed peppers and salsa; bring to boil. Remove 1/4 cup salsa mixture; set aside.
Stir rice into remaining salsa mixture in skillet; cook until heated, stirring frequently. Add cheese and olives; cook 1 minute or until cheese melts. Spoon rice on platter around fish; spoon reserved sauce over fish.