Sauté pancetta in oil in saucepan until brown.
Add onions, carrots and garlic; sauté until light brown.
Add 4 cups water, lentils, thyme and bay leaves; bring to a boil.
Reduce heat; simmer 30 minutes or until lentils are tender but not mushy.
Add water as needed.
Discard bay leaves.
Season with salt and pepper.