Cook pasta according to package directions; drain and keep warm.
In large skillet heat oil over medium heat. Add onions and peppers; cook 5 to 6 minutes or until crisp-tender, stirring occasionally.
Stir in tomatoes, tomato sauce and Italian meatballs. Cook covered 6 to 8 minutes or until heated through.
Place pasta in large bowl; pour meatball mixture over pasta tossing to coat. Sprinkle with cheese. Serve immediately.