Cook bacon slices in a Dutch oven over medium-high heat until crisp.
Remove bacon from pan, reserving 2 teaspoons drippings in pan. Crumble bacon.
Add 1 cup onion, green bell pepper, and garlic to drippings in pan, and saut for 5 minutes or until tender.
Add okra, chopped tomato, 1/2 cup water, hot sauce, vinegar, salt, thyme, and black pepper; bring to a boil. Cover, reduce heat, and simmer for 20 minutes or until okra is tender.