Heat the olive oil and sauté the red onion in a soup pot until it is golden.
Add the diced potatoes, peppers, carrot, tomato, and garlic.
Bring to a boil and simmer for about 15 minutes until the potatoes start to get soft.
Add the garbanzo beans, bay leaf, thyme, bacon, and broth.
Simmer for 15 more minutes.
Ladle into bowls and top with chopped parsley.
Serve with fresh bread and top with Parmesan if desired.