Combine rice and water in a saucepan, and bring to a boil. Reduce heat, cover and simmer for 20 minutes.
Place bacon in a large, deep skillet. Cook over medium high heat until evenly brown. Drain, reserving 2 tablespoons of drippings, crumble and set aside. Add ground beef, green pepper, and onion to the skillet; cook over medium-high heat until the beef is evenly browned. Drain excess grease, and season with salt and pepper.
Preheat the oven to 400 degrees F (200 degrees C).
Place beef and cooked rice into a 9x13 inch baking dish. Stir in the tomatoes, bacon and reserved drippings, mixing until everything is well blended. Spread the shredded cheese over the top.
Bake for 30 minutes in the preheated oven, until cheese is bubbly, and the center is heated through.