In large skillet over medium-high heat, sauté bacon until crisp; remove to paper towels. Drain off bacon drippings.
Add onions and peppers to skillet; salt and pepper to taste. Sauté until peppers are softened (about 3-5 minutes). Add lima beans and corn; continue sautéing until beans are cooked through (about 5-7 minutes).
Stir in cream and cayenne pepper; salt and pepper to taste. Bring to a simmer; cook until thickened (about 3-4 minutes).