Place the bacon in a 3-½ to 4-quart Dutch oven, set over medium-high heat. Cook until the bacon renders and begins to brown and get crispy, about 3 to 4 minutes. Add the onion and bell pepper; cook until they begin to soften, about 2-½ to 3 minutes. Add the garlic and cook until fragrant or about 30 seconds. Add the rice and stir well to coat all the grains with oil, about 30 seconds. Add the water and stir the brown bits at the bottom of the pan. Add the peas, salt, cayenne, and pepper. Bring the liquid to a boil; cover, reduce the heat to low, and simmer the rice for 20 to 25 minutes or until all of the liquid has been absorbed.