Make a broth from the shells of the shrimp by placing them in a 3-quart saucepan along with the water and salt. Bring the pot to a boil, reduce heat to low, and let simmer uncovered for approximately 10 minutes.
In a large sauté pan, add the olive oil and sauté the onion, red pepper, and green pepper until the onion is translucent. Add in garlic and cook for 1–2 minutes, stirring frequently.
Remove the pot of simmering shrimp shells from the heat and strain out the shells and discard. Pour 3 cups of shrimp broth into a large pot and cover with a lid. Add cooked peppers and onions, chicken broth, rice, tomatoes, Bijol, salt, and pepper. Bring the mixture to a boil, then immediately reduce the heat to low, re-cover the pot, and simmer until the rice is cooked and most of the liquid has been absorbed, approximately 30–45 minutes.
As you wait for the rice mixture to cook, sauté bacon in a large frying pan. Reduce the heat to medium-low, and let the fat render out of the bacon, approximately 10 minutes. Once the fat is released, remove the bacon from the pan and raise the temperature to high. Add in peeled shrimp to the steaming hot bacon fat. Season the shrimp lightly with salt, pepper, and a dash of cumin. Sauté the shrimp, flipping once after 1–2 minutes, until they turn pink, approximately 3 minutes.
Remove the shrimp from the pan and set aside, covering them to keep warm. Do not let them continue to cook, though.
Fluff the cooked rice mixture with a fork and add in peas. Gradually fold the cooked shrimp into the cooked rice and heat together for approximately 3 minutes to make sure that the final dish can be served hot.