Vegetarian Skillet Chili

1 tablespoon olive oil
1 onion, chopped
2 green bell peppers, seeded and chopped
2 tablespoons chili powder
1 cup water
2 (15 ounce) cans pinto beans, drained
2 (15 ounce) cans stewed tomatoes, Mexican style
3 cups fat-free Monterey jack cheese, shredded

Over medium high heat, pour oil into ovenproof skillet. Saut