Place the bacon in a large frying pan and cook over medium-high heat for 5 minutes, or until as crispy as desired, turning once.
Remove bacon, drain on paper towels, and crumble it; set aside; do not discard bacon drippings.
Put the chopped onions in the same frying pan and cook until softened, stirring occasionally; about 3 minutes.
Add the garlic and rice; continue to cook until rice is translucent, stirring frequently.
Pour in half of the chicken broth; stir and cook until almost all the liquid is absorbed.
Pour in the rest of the broth and continue to cook until all liquid is absorbed.
Repeat the same process with the water.
Once the water has been absorbed, pour in half of the heavy cream and continue to cook, stirring frequently until all liquid is absorbed.
Pour in the rest of the cream, stir until two-thirds of the liquid is absorbed.
Stir in the peas and continue to cook for another 2 to 3 minutes or until heated through.
Remove from heat and season with salt and pepper.
Add bacon and shredded cheese.