1Cut asparagus spears into 2-inch pieces. Set aside.
Melt butter in 10-inch skillet until sizzling; add lamb chops. Cook over medium-high heat, turning once, until browned (4 to 5 minutes). Drain off fat.
Add all vegetable ingredients except asparagus to skillet. Continue cooking until mixture comes to a full boil (3 to 4 minutes). Reduce heat to low. Cover; cook 10 minutes. Add asparagus. Cover; continue cooking until chops are fork tender and asparagus is crisply tender (4 to 6 minutes). Place rice on serving platter; top with chops and vegetables. Keep warm.
Stir together cornstarch and water in small bowl; stir into skillet. Cook over medium heat, stirring occasionally, until mixture comes to a full boil (1 to 2 minutes). Boil 1 minute. Pour over chops and vegetables.