Combine the lemon pepper, garlic powder, thyme and cayenne; rub over fillets. In a large nonstick skillet coated with cooking spray, cook fillets in 1 teaspoon oil over medium heat for 4-5 minutes on each side or until fish flakes easily with a fork. Remove and keep warm.
In the same pan, saute the red pepper and onions in remaining oil until crisp-tender. Add garlic; cook 1 minute longer. Stir in tomatoes. Bring to a boil. Reduce heat; simmer, uncovered, for 3 minutes or until liquid has evaporated. Serve with snapper. Sprinkle with olives and chives.