In a large pot, crumble up and brown the chorizo over medium heat.
Add in 2 tablespoons of olive oil, onion, and peppers. Sauté until tender, about 6-8 minutes.
Add in the tomatoes, corn, and water; bring to a boil. Reduce heat and simmer for 25-30 minutes for the flavors to meld. Season with salt and pepper, to taste.
Serve with sour cream, shredded Mexican cheese, lime wedges, chopped scallions, and cilantro, if desired.