Rinse olives and soak overnight in cold water. Drain, and make a small slit in each olive, or you can smash them slightly.
Pack the olives into sterile pint jars. Slice chile peppers into rings, and place one into each jar. Place a lemon slice into each jar.
Stir together the water and salt until salt is completely dissolved. Pour over the olives in the jar, leaving about 1/2 inch of space at the top. Pour olive oil into the jars to within 1/4 inch of the top. Cover with lids and seal. Let the olives cure in the refrigerator for two weeks before tasting. If the olives are bitter, let them cure for another week.