Place the two red bell peppers over an open flame on a gas grill. Char the pepper on the entire outside so it starts to turn black and blister, about 10 minutes. Immediately wrap the hot peppers in clear plastic wrap trapping the steam inside. Wait 15-20 minutes and then unwrap the plastic and pull the skins off the peppers.
In a blender or food processor, combine all the ingredients but the olive oil. Securely fasten the lid and blend, starting on low and increasing the speed as you are able to gain traction.
Once the ingredients are mostly blended, start drizzling in the olive oil while running the blender. Blend until you reach your desired consistency.
Serve immediately, or store in a jar in the refrigerator for 7 to 10 days.