In a large pot over medium heat, cook the diced bacon until it becomes crispy, around 6-8 minutes. Use a slotted spoon to transfer the bacon to a paper towel-lined plate, leaving the rendered fat in the pot.
Increase the heat to medium-high and add the ground turkey to the pot. Cook, stirring occasionally, for about 8-10 minutes until the turkey is browned. Season lightly with salt and pepper, then set aside with the bacon.
In the same pot, pour in the olive oil and add the chopped onion, carrots, and celery. Sauté for about 5 minutes or until the vegetables are softened and fragrant.
Add the minced garlic, tomato paste, oregano, cumin, and the bay leaf. Stir and cook for an additional minute until the mixture is aromatic.
Pour in the crushed tomatoes and chicken broth. Stir well to combine, then add the beans and reserved turkey. Bring to a boil, then reduce the heat and let it simmer, covered, for 15-20 minutes, allowing the flavors to meld and the carrots to tenderize.
In the last 5 minutes of cooking, stir in the frozen peas. Taste and adjust seasoning with salt and pepper as needed.
Remove the bay leaf before serving. Ladle the soup into bowls, garnish with the crisped bacon and fresh thyme, and enjoy warm with your favorite crusty bread.