Brush the red bell peppers with oil and roast them on an open flame until completely charred.
Remove from flame, cover, and keep in a bowl for 15 minutes.
Peel the skin, remove the seeds, and finely chop the red bell pepper flesh. Set aside.
In a saucepan, add olive oil and minced garlic. Once the garlic is fragrant, add chopped bell peppers, red chilli, oregano, and risotto rice. Stir well for 1 minute.
Season with salt and gradually add vegetable stock with the help of a ladle, allowing the rice to absorb the stock before adding the next ladle.
Stir continuously until the rice is cooked through (for 25 to 30 minutes).
Once the risotto is cooked, add the Parmesan cheese and butter. Stir and let it cool at room temperature.
To form arancini, scoop a portion of the risotto mixture onto your hand, fill it with grated mozzarella.
Wrap the risotto mixture around it to form small round balls.
Coat the arancini with flour, dip it in beaten eggs, and cover them with crushed chips.
Deep fry until golden brown.
Transfer to a platter and serve hot with marinara or pesto dip of your choice.