Place bacon in a large, deep skillet. Cook over medium high heat until evenly brown. Drain grease and set aside for later use. Crumble bacon and set aside.
In the same skillet, saute onion in a small amount of reserved bacon grease over medium high heat until tender, about 3 minutes. Add crumbled bacon, sliced okra, and chicken broth. Reduce heat and simmer until okra is tender and falling apart, about 15 minutes. Stir in rice and water. Cover, and simmer for 20 minutes, or until fluffy.