Insert blade of sharp knife horizontally through side of roast cutting a 1 1/2-inch wide slit through roast; remove blade. Repeat procedure 8 times, spacing slits evenly in roast. Lay half a slice of bacon on a narrow metal spatula allowing about 1 inch of bacon to extend over end of spatula. Slide spatula completely through slit in roast. Hold bacon slice securely and remove spatula, leaving bacon slice in roast. Repeat procedure with remaining slices of bacon. (A larding needle may be used to insert bacon into roast. )
Combine flour, salt, and pepper; rub over surface of roast. Brown roast on all sides in bacon drippings in a large Dutch oven. Add water. Cover and simmer 1 1/2 hours. Add vegetables; cover and simmer 1 additional hour. Transfer meat and vegetables to a serving platter. Pour pan drippings over meat and vegetables.