Heat the oil in a 10-inch skillet over medium-high heat. Add the peppers, mushrooms, basil and garlic powder to the skillet and cook until the vegetables are tender-crisp.
Stir the picante sauce, tomatoes and shrimp in the skillet and heat to a boil. Reduce the heat to low and cook for 5 minutes or until the shrimp turn pink. Stir the pasta in the skillet and heat through.