In a 3-quart covered casserole or Dutch oven, heat oil. Add bacon and cook until just browned. Add garlic, onion, and bell peppers, and cook until onion is translucent.
Add shrimp and cook until shrimp turn pink, 2 to 3 minutes. Using tongs or fork, remove shrimp from pan and set aside on rimmed platter. Add broth, tomatoes, rice and achiote seasoning to pan. Bring to a boil, reduce a simmer, cover and cook until rice is fully cooked, 15 to 20 minutes.
Stir in shrimp and peas and cook 3 more minutes. Season with salt and black pepper, to taste, and serve hot.