Heat the olive oil in a medium Dutch oven over medium heat. Add the onions and peppers, and saute until soft and translucent, 5 to 8 minutes.
Add the garlic, cook for 1 minute more, then add the tomato sauce and heat to a simmer. Stir the shrimp into the sauce; cook until pink and cooked through. Stir in the crumbled bacon.
Serve on top of white rice.