Heat the oven to 220 C / 425 F with racks in the upper and lower thirds. Line two 33 x 46 cm / 13 x 18 inch rimmed sheet pans with parchment.
Stir the panko and milk together in a 4-quart / 3.8 L bowl. Slice the peppers into 2 cm strips and the onion into 8 wedges while the panko soaks.
Spread the peppers and onion on one pan in a single layer with small gaps. Drizzle with 2 tbsp olive oil and 3/4 tsp salt, and toss with your hands. Keep the beans aside for later.
Add the beef, egg, Parmesan, garlic, oregano, 1 tsp salt, black pepper and red pepper flakes to the soaked panko. Mix with your hands just until combined, then shape into 24 meatballs of about 33 g (4 cm / 1.5 inch) each. Set them on the second pan about 2 cm apart and brush with 1 tbsp olive oil.
Roast both pans for 10 minutes, then swap their racks and roast 8 to 10 minutes more. The meatballs are done when deeply browned and a thermometer in the center of the biggest one reads 160 F / 71 C.
Take the meatballs out and set them aside. Stir the beans into the peppers and return that pan to the oven for 5 minutes, until the bean edges look crisp and the pepper edges are blistered.
Drizzle the balsamic over the peppers and beans and toss. Divide among 4 plates, add 6 meatballs to each, and scatter with torn basil.