Bring water and ham base to a boil in a medium saucepan. Add peas and rice; return to a boil. Cover, reduce heat, and simmer 15 minutes or until peas and rice are tender. Remove from heat; let stand, covered, 15 minutes or until liquid is absorbed.
. While rice mixture stands, cook bacon in a large skillet over medium heat until crisp. Remove bacon from pan to a paper towel-lined plate, reserving 1 teaspoon drippings in pan. Increase heat to medium-high. Add green onions to reserved drippings in skillet; sauté 2 minutes. Add green onions to rice mixture. Crumble bacon; add to rice mixture, tossing gently.
Note: Substitute 1 (0.1-ounce) packet ham-flavored bouillon granules (such as Goya), if desired. The sodium is higher in this product.