Place bulgur in a large bowl. Pour boiling water over the bulgur and stir well. Cover and let stand for 30 minutes. Drain and squeeze dry.
In a large stockpot, heat oil over medium-high heat. Once hot, add onion and green peppers until tender, about 5-6 minutes.
Stir in the bulgur, tomato juice, beans, tomatoes, tomato sauce, water, chili powder, garlic, cumin and cayenne. Stir well and bring to a boil. Reduce heat; cover and simmer for 20-25 minutes or until heated through. Serve hot.