Cut bacon into 1 inch pieces. Cut Onions into 1/2 inch wedges. Mince Garlic Clove. Dice bell Pepper. Drain Beans. Cook bacon in 10 inch skillet over medium heat until browned but not crisp, about 5 minutes. Remove bacon from skillet; drain off all but 2 tablespoons drippings. Add Onion and Garlic to skillet; cook until onion is tender but not brown, about 5 minutes. Add enough Water to beef broth to make 2 1/2 cups. Add to skillet and bring to a boil. Stir in rice, bacon, thyme and Salt. Cover tightly and simmer 15 minutes. Add Green Pepper, cover and continue cooking 5 minutes. Remove from heat. Stir in Beans.
Let stand covered until all liquid is absorbed, about 5 minutes.