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Preheat a grill.
Meanwhile, saute octopus in a little bit of oil over medium-high heat just until cooked through, about 1 to 2 minutes. Mix in tomatoes, and chopped green, yellow, and orange peppers, and chili powder. Simmer for approximately 5 to 10 minutes or until mixture becomes slightly tender. Stuff bell pepper halves with octopus mixture and place in a baking dish. Place the baking dish on the grill. Close the cover and cook for 10 to 15 minutes. Serve immediately.