In a very large skillet or Dutch oven, brown the ground beef, green and red peppers and onion.
Drain off the grease.
Add the jalapeno, rice, tomato juice, water, taco seasoning, chili seasoning, garlic powder, salt, fajita seasoning, tomato and basil. Stir until thoroughly mixed.
Bring the mixture to a boil over medium-high heat, reduce heat to low and cover.
Allow mixture to simmer until the rice is tender and has absorbed most of the liquid, about 30 minutes.