Cook lima beans in boiling water to cover in a medium saucepan 9 minutes. Add corn, and cook 4 to 5 minutes or until beans are tender; drain and set aside.
Cook rice according to package directions; set aside.
Cook bacon in a Dutch oven until crisp; remove bacon, reserving 2 tablespoons drippings in Dutch oven. Crumble bacon.
Sauté chopped onions in hot drippings over medium-high heat 7 to 8 minutes or until tender. Add garlic, and sauté 1 minute. Stir in bean mixture, rice, roasted red peppers, salt, and pepper. Cook over medium heat, stirring often, until thoroughly heated. Top evenly with bacon.