In 2-quart saucepan, heat broth, water and thyme to boiling. Stir in bulgur. Cover; simmer 15 to 20 minutes, stirring occasionally, until bulgur is tender and water is absorbed.
Meanwhile, in 8-inch skillet, heat oil over medium-high heat. Add sugar snap peas, bell pepper and onions; cook 3 to 4 minutes, stirring frequently, until tender.
Stir snap pea mixture into cooked bulgur.