Cook the diced bacon in a dutch oven over medium heat until brown and crispy, about 6 to 7 minutes. Drain bacon on paper towels and set aside.
Add the onions to the bacon fat in the dutch oven and reduce heat to medium-low. Cook onions until well browned, about 20 minutes, stirring occasionally. Place cooked onions on a plate and set aside. Rinse and dry dutch oven.
Simmer the chicken broth in a saucepan and keep hot on the stove over low heat.
Heat the oil in the now empty dutch oven over medium heat. Add the garlic and cook until fragrant, about 30 seconds. Add the rice, cook and stir for 2 minutes.
Add 1 cup of the hot chicken broth to the rice and continue stirring until the rice has absorbed the liquid. Continue adding broth 1 to 2 cups at a time while continuously stirring, until rice has absorbed the liquid and mixture is creamy, about 25 to 30 minutes.
Turn off the heat and stir in the onions, bacon, Parmesan cheese and thyme.
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