Heat your large Dutch oven over medium-high heat. Add the chopped bacon and cook until crispy, stirring occasionally. Transfer the bacon to a plate using a slotted spoon, leaving the flavorful bacon fat in the pot.

While the bacon cooks, pat your lamb pieces dry with paper towels. Season them thoroughly with salt, pepper, and garlic powder, making sure each piece is well coated.

Dust the seasoned lamb with flour, turning to coat each piece evenly. Work in batches to avoid overcrowding.

In the same pot with the bacon fat, heat 1 tablespoon of oil over medium-high heat. Brown the lamb in small batches, about 3-4 minutes per side until golden brown. Add more oil between batches if needed. Transfer the browned meat to a plate.

Reduce heat to medium and add the diced onions to the pot. Cook for about 5 minutes until they start becoming translucent, stirring occasionally to scrape up the flavorful browned bits from the bottom.

Add the minced garlic and cook for another 1-2 minutes until fragrant, stirring frequently to prevent burning.

Pour in the beef broth, red wine (or Guinness), and stir in the tomato paste until well combined. Add the fresh thyme and bay leaves.

Return the browned lamb and crispy bacon to the pot. Bring everything to a gentle boil, then reduce heat to a simmer. Cover and cook for 1 hour and 30 minutes, or until the meat starts becoming tender.

Add the halved potatoes and chopped carrots to the pot, making sure they're submerged in the liquid. Cover and continue cooking for 20-25 minutes until the vegetables are fork-tender.

Stir in the thawed green peas and let them warm through for about 5 minutes.

Taste and adjust seasoning if needed. Remove bay leaves, garnish with fresh thyme or parsley if desired, and serve hot with crusty bread.