Melt butter in a large, heavy pot over medium-high heat; add onion, green bell pepper, red bell pepper, sausage, black pepper, basil, and oregano. Saute vegetable mixture until the vegetables are very tender, 10 to 15 minutes.
Stir beans into the vegetable mixture; cook until softened, about 5 minutes.
Pour water over the vegetable mixture; add rice and stir. Place a cover on the pot, reduce heat to low, and cook until the rice is tender and the moisture completely absorbed, 20 to 25 minutes.