Prepare the peas: Rinse the dried White Acre peas under cold water and soak them overnight in a large bowl with enough water to cover them by a few inches. Drain and rinse the peas before cooking.
Cook the bacon (if using): In a large pot or Dutch oven, heat 1 tablespoon of olive oil over medium heat. Add the bacon slices and cook until crispy, about 5 minutes. Remove the bacon and set aside, leaving the rendered fat in the pot.
Sauté the aromatics: Add the diced onion, minced garlic, and chopped bell pepper to the pot. Sauté for 5-7 minutes until softened and fragrant.
Combine the ingredients: Add the soaked White Acre peas to the pot along with the vegetable or chicken broth. Stir in salt, pepper, thyme, and bay leaves.
Simmer: Bring the mixture to a boil, then reduce the heat and let it simmer, covered, for 45-60 minutes, or until the peas are tender. Check occasionally and add more water or broth if necessary to keep the peas submerged.
Finish the dish: Once the peas are tender, remove the bay leaves. If using bacon, crumble the crispy bacon and stir it back into the peas. Adjust seasoning to taste, adding more salt, pepper, or hot sauce if desired.
Serve: Serve the White Acre peas hot, paired with cornbread, rice, or a salad for a complete Southern-style meal.