In a large, deep skillet, heat the olive oil over medium-high heat. Add the onion and cook until softened, about 3 minutes. Add the beef and cook, stirring occasionally, until browned, 5 to 7 minutes; season with salt and pepper. Transfer to a bowl.
In the same skillet, cook the bacon over medium heat until crisp, 4 to 5 minutes; drain on a paper-towel-lined plate. Add the potatoes to the pan and stir to coat with the rendered bacon grease; cover and cook until just tender, about 8 minutes. Stir in the bell peppers and cook until softened, 6 to 8 minutes. Stir in the reserved beef mixture, the peas, tomato sauce and 1 cup water; season with salt and pepper and cook until the potatoes are tender, 8 to 10 minutes.
Meanwhile, in a large pot of boiling, salted water, cook the egg noodles until al dente, 8 to 10 minutes; drain. Add the beef mixture; toss. Top with the bacon.