The night before serving, boil the potatoes in salted water until just cooked. Do not overcook the potatoes or they will be difficult to cook in the skillet. Drain the potatoes and cool overnight in the refrigerator.
When ready to serve, cut the potatoes into bite-sized pieces. Heat the oil in large cast-iron skillet over high heat until very hot. Add the potatoes when oil begins to smoke. Cook the potatoes until they begin to brown. Add the bacon and cook another 5 minutes. Add the red onion and peppers and cook for another couple of minutes.
Remove from the heat and season with salt and pepper. Garnish with chopped chives and fresh thyme. Serve immediately.
Notes
If you are preparing this dish as GLUTEN-FREE, just be sure to use a brand of bacon that is known to be GF.