Place bacon in a cold pan, heat to medium, and cook until browned and fat is rendered. Remove bacon and set aside.
Reduce heat to medium-low; add sliced franks to the bacon fat and brown. Remove any excess fat if over 2 tablespoons.
Add chopped onion and cook until translucent (3–5 minutes), then stir in bell peppers, thyme, salt, and black pepper; cook until peppers soften (3–5 minutes).
Return chopped bacon, add baked beans, and sprinkle brown sugar; stir gently to combine.
Cook another 3–5 minutes, then add scallions, stir, and remove from heat.
Serve hot on toast or in bowls for a one‑pot meal.