Cook orzo pasta according to package instructions. Drain and set aside.
In a large skillet, heat olive oil over medium heat. Add diced onion and minced garlic and sauté until translucent.
Add sliced mushrooms and diced bell peppers to the skillet. Cook until vegetables are tender, about 5 minutes.
Stir in dried thyme and vegetable broth. Season with salt and pepper to taste.
Add cooked orzo pasta to the skillet and toss to combine. Cook for an additional 2-3 minutes, until heated through.
Serve hot, garnished with grated Parmesan cheese and fresh parsley.