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Fry bacon over medium-high heat in a Dutch oven until crisp, 7 to 8 minutes. Using a slotted spoon, transfer bacon to a paper towel-lined plate.
Pour off all but 2 Tbs. of the bacon drippings. Add onions; saute until tender, about 5 minutes. Add lima beans, ½ cup water, salt and pepper, and bring to a boil. Reduce heat and continue to simmer, covered, until partially cooked, about 5 minutes. Add corn, cream, and thyme; return to a simmer, and warm until vegetables are fully cooked and cream doesn't pool, about 5 minutes longer. (Can be refrigerated at this point up to 2 days ahead.)
When ready to serve, stir bacon and chives into warm succotash. This recipe doubles easily.