Rinse the olives under cold, running water.
In a 8-in. nonstick omelette or fry pan, combine the cumin, coriander, caraway and chili flakes.
Sauté the spices on medium heat. When the spices begin to turn light golden and become aromatic, remove from the heat.
Place in a spice or coffee grinder and pulse until consistent in texture.
Combine the olives, spice mixture, salt, garlic, bell pepper and olive oil in a medium mixing bowl and stir.
Cover the bowl and refrigerate for at least 6 hours or overnight. Serve at room temperature.