Melt butter in a large skillet over medium heat. Add orzo and cook and stir until golden brown with a slight nutty aroma, 5 to 7 minutes. Add rice, onion, squash, bell pepper, and red pepper flakes and continue to stir until rice is coated in butter, about a minute.
Stir in the Swanson(R) Unsalted Chicken broth, thyme, salt, and pepper. Bring to a boil; cover and reduce heat to low. Cook until orzo is al dente and rice is tender and has absorbed the liquid, about 35 minutes.
Remove from heat and stir in parsley and Parmesan cheese.
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