Start preparing the meat filling by heating up the olive oil in a medium pan. Add garlic and onion and once the onion has softened, add ground beef. Cook until the meat has changed color.
Add tomato sauce, pepperoncino and bay leaf. Cover and bring to a boil. Lower the heat and simmer for 15 minutes.
Add the green peas. Season by adding salt and pepper. Keep simmering for 10 more minutes.
If the sauce is still too watery, uncover and let some of the sauce evaporate. Keep on the stove for 10 more minutes. Take the pan off the heat and set aside to cool.
Mix the flour with the 2 cups of water in a bowl.
Get a scoop of risotto and flatten it in your palm. Add at least a teaspoon of the meat filling in the center and begin closing and forming the arancini with the help of your other palm. Make sure that there are no gaps (or holes) in the arancini.
Heat up the vegetable oil in a medium sized pot.
Once the vegetable oil is ready, dip the Arancini in the mixture of flour and water. Roll it in breadcrumbs and then start frying in the vegetable oil.
Once the Arancini has turned golden brown on all sides, take them off the pot and place in paper towels to absorb some of the excess oil. Do the frying in batches since not all will fit in the pot.