Melt the butter in a cast iron skillet over medium-high heat. When melted, add the onions and cook until beginning to soften. Add peppers, chili flakes, and water.
Turn the heat to low. Continue to cook until water is evaporated and peppers are soft and beginning to blacken. Season to taste with salt and pepper. Remove the peppers and onions from the pan.
Return pan to medium-high heat and cook two eggs until whites are set and yolks are runny. Serve with soft rolls.