Heat oil in a deep skillet; saute garlic and lamb, cooking until lamb is no longer pink. Drain any excess fat; discard fat.
Return skillet to heat; add beef broth, tomato sauce and taco seasoning mix. Bring to a boil, reduce heat, cover and simmer for 5 minutes.
Remove cover, add corn and red bell peppers. Bring to a boil; stir in instant rice. Remove from heat; cover. Allow to stand for five minutes or until moisture is absorbed and rice is tender. Serve immediately.