Place the chopped bacon in a large skillet over medium-high heat and cook for 6 to 8 minutes, stirring occasionally, until crispy. Use a slotted spoon to remove the bacon and set it aside, leaving about 2 tablespoons of bacon fat in the skillet.

Add the diced onion to the skillet and cook over medium heat for 5 to 7 minutes, stirring frequently, until the onions soften and turn golden brown at the edges.

Stir in the minced garlic and thyme leaves and cook for about 1 minute until fragrant, scraping any browned bits from the skillet.

Pour in the broth and add the drained lima beans, stirring gently to combine with the aromatics.

Season the mixture with salt, black pepper, garlic powder, and cayenne pepper, stirring well to distribute.

Reduce the heat to medium-low and simmer the beans for 15 to 20 minutes, stirring occasionally, until the beans are heated through and flavors meld together.

Add the butter and heavy cream to the skillet and stir gently until fully combined; cook for another 2 to 3 minutes until the mixture is silky and heated through.

Return the reserved bacon to the skillet and stir to distribute. Remove from heat and let the beans rest for 2 to 3 minutes before serving.