Cook bacon in a large skillet until crisp; remove bacon, reserving drippings in skillet.
Sauté onion and green pepper in bacon drippings until vegetables are tender. Add lima beans, com, butter, and pepper; cover and cook over low heat 30 minutes or until vegetables are tender. Garnish with parsley.
Note: One (10-ounce) package frozen whole kernel corn, thawed, and one (10-ounce) package frozen baby lima beans, thawed, may be substituted for fresh vegetables.