Cook beans in boiling water to cover 15 minutes; add corn, and return to a boil. Cook 10 minutes or until lima beans are tender; drain.
Cook bacon in a skillet until crisp; remove bacon, reserving 2 tablespoons drippings. Crumble bacon.
Sauté onion and garlic in hot drippings until tender. Stir in bean mixture, red pepper, salt, and pepper. Cook over medium heat, stirring often, 5 minutes. Top with bacon.