Heat a large nonstick skillet over medium heat. Add the bacon and pancetta. Cook, stirring occasionally, until the bacon and pancetta are brown and crispy, about 10 to 12 minutes. Using a slotted spoon, remove the bacon and pancetta pieces to paper towels to drain. Add the potatoes and garlic to the pan. Season with 1/4 teaspoon salt and 1/4 teaspoon pepper. Cook, stirring frequently, until the potatoes are golden and cooked through, about 20 to 25 minutes. Add the thyme, cooked bacon and cooked pancetta to the skillet and cook for 5 minutes. Season with salt and pepper, to taste.
Transfer the potatoes to a large serving bowl and serve immediately.
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