If tilefish fillets are large, cut into 4 inch pieces.
Sprinkle fish with garlic powder and lemon pepper. Heat oil in large pan. Cook fish evenly on both sides in oil for approximately 5 minutes total.
Add broth and tomato sauce to pan. Stir gently to mix. Reduce heat. Cover fish with sliced red and green peppers and simmer for about 10 minutes.
Serve over a bed of rice.