Preheat the oven to 350 degrees F.
In a large saute pan over medium-high heat, add the oil. Add pancetta and cook until slightly crisp, about 3 to 4 minutes. Stir in the Brussels sprouts and toss with the oil and pancetta to coat evenly. Add the thyme and season with salt and pepper, to taste. Bake in the oven until nicely caramelized, about 3 to 4 minutes. Transfer to a serving bowl and serve.