Cook bacon in medium saucepan over medium heat until crisp. Add onion and cook until starting to brown around the edges. Stir in garlic and cook until fragrant, about 30 seconds.
Crumble Knorr® Chicken flavor Bouillon Cube(s) into saucepan and stir until combined. Stir in peas, rice, and dried thyme leaves.
Add water and coconut milk and bring to a boil over medium-high heat. Cover, reduce heat to low and simmer until liquid is absorbed and rice is tender, about 25 minutes. Remove from heat and let stand 5 minutes.