Preheat oven to 425 degrees. Line light colored baking sheet with parchment paper.
Toss potatoes, carrots and onion with olive oil, smoked paprika, tarragon, salt, pepper and red pepper flakes. Spread onto prepared baking sheet in 1 even layer and bake 20 minutes.
Remove from oven and toss with green and red bell peppers and hot dog pieces. Spread out evenly on baking sheet and return to the oven for 12-15 minutes longer or until peppers start to char and hot dog pieces start to roast and blister slightly.