In a large skillet, heat the 3 tablespoons of olive oil over medium heat. Add the chopped red onion and mashed garlic. Sauté until the onion becomes translucent and fragrant, about 3-4 minutes.
Stir in the diced bell peppers and continue to sauté for another 5 minutes. The peppers should soften slightly, adding a beautiful color to your dish.
Add the sliced or minced conch to the skillet. Season with 1 teaspoon of salt (adjust to taste) and stir well to combine. Cook for about 10 minutes, allowing the conch to cook through and absorb the flavors.
Pour in the tomato sauce and hot sauce. Stir to mix everything evenly. Allow the mixture to come to a gentle simmer, then reduce the heat to low. Cover the skillet and let it cook for 20-25 minutes, stirring occasionally.
Once the conch is tender and the sauce has thickened, taste and adjust seasoning if necessary. If you like a bit more heat, feel free to add more hot sauce.
Garnish with parsley if desired, and serve hot with lime wedges on the side. The freshness of the lime adds a lovely brightness to the dish.