Sweet peppers (Capsicum annuum L.) cv. Vergasa have been studied at four maturity stages (immature green, green, immature red, and red). The individual phenolics (hydroxycinnamic acids and flavonoids), vitamin C (ascorbic acid and dehydroascorbic acid), and individual carotenoids were characterized and quantified. Five hydroxycinnamic derivatives and 23 flavonoids were characterized and quantified from the pericarp of sweet pepper by high-performance liquid chromatography-diode array detection-electrospray ionization-mass spectrometry. Identification was carried out by their UV spectra, chromatographic comparisons with authentic markers, identification of hydrolysis products, and tandem mass spectrometry analysis. Hydroxycinnamic derivatives, O-glycosides of quercetin, luteolin, and chrysoeriol, and a large number of C-glycosyl flavones have been characterized. Some of these compounds were found for the first time in nature. Clear differences in the individual and total phenolic content were detected between the different maturity stages. Immature green pepper had a very high phenolic content while green, immature red, and red ripe peppers showed a 4-5-fold reduction. Ascorbic acid was the main form of vitamin C, and its content increased as the pepper reached maturity. The red ripe stage had a relevant impact on the carotenoids content. Thus, immature green peppers showed the highest content of polyphenols, while red ripe fruits had the highest content of vitamin C and provitamin A.