In a Dutch Oven over medium heat, add the bacon slices and fry until they are fully cooked and crispy. Remove the bacon slices from the pot but keep the bacon fat there. On a cutting board, chop the bacon into small pieces and set aside.
Add the onions and green bell pepper to the bacon fat and saute for 8-10 minutes, or until the onions have softened. Add garlic and cook for an additional 1 minute.
Add the rice, black-eyed peas WITH the liquid from the cans, hot sauce, 1 cup water, ground cumin, ground oregano, red pepper flakes, bay leaf, and salt and pepper. Stir everything together making sure it's well combined.
Bring the pot to a boil, reduce heat to a simmer, cover the pot, and cook for 20 minutes. Do not remove the lid.
After 20 minutes, remove the pot from the heat and let sit for 10 minutes. To serve, remove the lid, remove the bay leaf to discard, fluff the rice with a fork, and stir in the chopped bacon. Enjoy!