Cook the bacon in a large, heavy-bottomed skillet until crisp. Crumble it and set aside.
Pour off all the fat except about 1 Tablespoon.
Add the butter to the pan and then cook the onion along with some salt and pepper until translucent, about 5 minutes.
Add the corn kernels, lima beans, Ro-Tel and cayenne. Stir to combine and heat through.
Taste and adjust the salt and pepper as necessary.
Add the broth or water. Bring the mixture to a boil and then cover and reduce the heat to a simmer. Let the vegetables simmer about 5-6 minutes until the limas are approaching tender.
Remove the lid, add the cream and turn the heat back up to reduce the broth/cream mixture to a thick sauce, about 5 minutes.
Add the reserved fava beans during the last 3 minutes of cooking to heat through.
Taste and adjust seasonings as necessary.
Stir in about 2/3 of the crumbled bacon.
Top each serving with additional crumbled bacon.
Enjoy