Heat a large skillet over medium-high heat and add the chopped bacon. Cook for 5-7 minutes until crispy and golden brown. Transfer to a paper towel-lined plate to drain excess grease.

In the same skillet, add minced garlic and chopped shallots. Sauté for 2-3 minutes until fragrant and translucent.

Add frozen peas and carrots to the skillet and stir gently. Cook for 4-5 minutes until tender but vibrant in color.

Stir in butter, fresh thyme, salt, and pepper. Let cook for an additional 1-2 minutes on low heat, then scatter crispy bacon over the dish before serving.