Heat a 3- or 4-qt. pan over medium-low heat and add the bacon. Render the bacon until it is crisp. Remove the bacon and set aside, retaining the bacon fat.
Add the diced onions, celery and thyme and sauté until they have softened, about 4 - 5 minutes.
Add potatoes, lima beans, chicken stock and cream to the pot. Bring contents to a simmer and then add corn and red pepper. Simmer contents for 15 minutes or until potatoes or soft. If soup becomes too thick, add a little more chicken stock or water to thin out.
Season with salt and pepper to taste and garnish with the reserved bacon.