Preheat a 5-qt. saucier or casserole over medium heat. When the rim of the pan is hot to the touch, add the butter.
When the butter begins to sizzle, add the onions and begin to cook. Stir occasionally until onions are soft, about 7 minutes.
Add the peppers, 2/3 of the corn kernels, water and chicken stock. Cover and simmer until the corn and peppers are soft, about 10 - 15 minutes. Remove from the heat and let cool for 15 minutes.
Puree the soup in a blender at high speed for 3 - 4 minutes per batch. Strain the soup into a clean pan, add light cream and heat over medium heat.
Add the remaining corn and heat for 3 - 4 minutes. Stir in lemon juice.
Ladle into bowls and garnish with chives.