Recently saw this posted on face book and had to do some research to see if it was fact or fiction...
FYI: Male over female? Flip the peppers over to check their gender. The ones with four bumps are female. The ones with three bumps are male. The female peppers are full of seeds. You can save yourself some money by getting the male?
Truth Be Told:
ANSWER. Peppers have complete flowers, that is both male and female parts in the same flower. *
Male and female fruit can only come from plant types that have separate male and female flowers, and with a few exceptions, only the female flowers produce fruit. (one of the exceptions - some papaya male flowers will set fruit).
The number of lobes is related to the specific variety of pepper. There are varieties of peppers that produce 2, 3-4, or 3-5 lobed peppers. The 4 lobed 'bell' pepper was (and is) more popular in the U.S., so plants have been breed for this characteristic.
Answer compliments of, foodreference.com