Bring a large pot of salted water to a boil over medium heat. Add the gnocchi and cook for 5 to 6 minutes.
In a large skillet over medium heat add bacon and cook until slightly crisp. Discard the excess fat. Add the garlic and thyme and cook for 30 seconds. Drain the gnocchi and add it to the pan. Stir in the butter, then add the peas, a pinch of black pepper, and a pinch of salt and mix to combine. Add the lemon juice and allow flavors to blend. Taste and season with salt and pepper, if needed. Transfer the gnocchi to a serving bowl and serve.