Place bacon in a large, deep skillet. Cook over medium high heat until evenly brown. Remove from pan; drain on paper towels. Pour grease from pan, leaving a thin coating.
Saute the onions, tomato and pepper in the pan until the onion is soft, about 3 minutes. Crumble the cooked bacon into the pan and then stir in the tomato sauce. Cook, stirring constantly, until heated through.