1. In a 10- to 12-inch ovenproof frying pan (with at least 2 1/2-in. sides) over medium-high heat, stir bacon often until browned and crisp, 3 to 5 minutes. Add olive oil, mushrooms, and garlic and stir often until mushrooms are slightly limp, 2 to 3 minutes.
2. Add butter, wine, tomatoes, olives, and thyme sprigs; stir often over high heat until butter is melted and liquid is boiling. Add clams and squeeze 2 lemon wedges over clams, discarding seeds and peels. Cover pan.
3. Transfer pan to a 500° regular or convection oven and bake until clams pop open, 12 to 15 minutes.
4. Ladle clam mixture and juices equally into four wide, shallow bowls; discard any clams that didn't open. Garnish each serving with a lemon wedge.