Cook diced bacon in 3-quart saucepan over medium-high heat, until crisp, stirring occasionally. With slotted spoon, remove bacon to plate.
In drippings remaining in skillet, cook onion and garlic, about 5 minutes until softened. Stir in rice; cook 2 minutes, stirring constantly. Add chicken broth, TABASCO® Sauce and salt. Heat to boiling over high heat. Reduce heat to low; cover and simmer 15 minutes.
Add red and yellow bell peppers, red beans and bacon. Cook 5 minutes longer or until rice is tender. To serve, stir in scallions.
Makes 4 servings.