Step 1: Heat oil in a large, heavy pot over medium heat. Add bacon and cook until lightly browned, about 4 minutes.
Step 2: Pour off all but 2 tablespoons fat.
Step 3: Add onion, bell pepper, garlic, basil, thyme, salt and pepper, and cook until the onion is golden brown, about 5 minutes.
Step 4: Stir in tomato paste and sugar and cook for 2 minutes more.
Step 5: Add water and bring to a boil.
Step 6: Stir in rice and lime juice and return to a boil. Reduce heat to low, cover pot, and cook 15 minutes.
Step 7: If the rice is too dry, add 2-3 tablespoons water. If too wet, leave cover ajar for remaining cooking time.
Step 8: Stir in peas. Cook until rice is tender, about 3 minutes more.
Step 9: Remove pot from heat and let stand for 5 minutes.
Step 10: Fluff with fork and correct seasoning if needed.
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