Cook 1 slice chopped bacon in butter in a saucepan. Add 1/2 small chopped onion and cook until soft. Add 1 1/2 cups basmati rice and cook, stirring, 2 minutes. Add 1 cup chicken broth, 1 1/4 cups water, and salt and pepper to taste. Bring to a simmer and cook, covered, 15 minutes. Add 1/3 cup chopped toasted pecans; cover and let stand 10 minutes. Fluff with a fork.
Photograph by Antonis Achilleos