While rice is cooking, heat oil in 12-inch nonstick skillet over medium-high heat until hot. Add carrots and onion; cook and stir 2 minutes. Add asparagus and mushrooms; cook and stir 4 minutes or just until asparagus is crisp-tender.
Stir in water, lemon peel, thyme and pepper. Cover; cook over medium heat for 2 to 3 minutes or until vegetables are crisp-tender. Serve over rice.