Place bacon in a large skillet and cook over medium-high heat, turning occasionally, until crisp, about 10 minutes. Crumble bacon into a bowl.

Add onion and garlic to skillet over medium heat; cook and stir until soft and translucent, about 5 minutes. Add hot pepper and cook until tender, about 3 minutes more. Add drained tomatoes; season with thyme, salt, and pepper. Bring to a simmer over medium heat and cook 5 minutes more.

Add okra and enough reserved juice from tomatoes to cover. Simmer, covered, until okra is tender, about 15 minutes.