In a saucepan bring water to a boil. Add rice and stir. Reduce heat, cover, and simmer for 20 minutes, or until tender and fluffy; set aside.
Heat 1 tablespoon of oil in a large skillet over medium high heat. Sauté carrots and onion until tender, 3-5 minutes. Add garlic and sauté until fragrant, about 1 minute. Add pancetta or bacon and sauté until crispy. Add ground beef and sauté until browned; drain off any excess liquid and return to heat. Add marinara sauce, wine, and red pepper flakes, and simmer for 10 minutes. Stir in cream, half of the Parmesan cheese, and rice. Simmer 5 minutes more, or until most of the liquid has been absorbed.
Place peppers in a shallow baking dish, and fill with beef mixture. Drizzle with remaining olive oil and top with remaining Parmesan cheese.
Bake, uncovered, for 30 minutes in the preheated oven. Serve hot.