In a bowl, combine all the ingredients for the meatballs and mix. Form lime sized meatballs and place them on the baking tray. Spray or brush with a little oil, and bake for 15 minutes till they are cooked through.
Whisk together all the ingredients for the sauce and set aside.
Once the meatballs are cooked, heat oil in a skillet. Add the bell peppers and onions and toss on high heat for about two minutes. Add the meatballs and the sauce and bring this to a quick simmer. The sauce should start to thicken. Simmer for another 4-5 minutes and turn off the flame. Thin the sauce with a little water if required. Serve hot.