In a large pot over medium heat, cook bacon slices in olive oil until crispy. Drain bacon onto paper towels.
Melt butter into hot pot and saute onions, mushrooms and garlic until onions start to soften, 5 minutes. Stir in rice and cook another 2 minutes.
Pour in 1 cup of chicken stock, salt, pepper, bay leaf, thyme and stir. Continue stirring until rice has absorbed most of the liquid. Continue adding in stock 1 cup at a time until all 3 cups of stock have been cooked into the rice.
Stir in cream, cheese and peas. Cook another 2 minutes. Taste, adjust seasonings, stir in bacon pieces and serve.