In a medium skillet over medium high heat, brown chopped bacon. Using a slotted spoon, remove bacon to a paper towel lined plate. Add onion to the pan. Saute chopped onions 3 minutes or so, until they are just tender. Add peas and water to the pan. Cover and cook peas 5 minutes. Uncover and allow the liquid to cook almost out of the pan. Add bacon back to the skillet and remove pan from heat. Transfer to a serving dish and enjoy!