Wash and sort the peas. Place them in a saucepan, add the water, and discard any peas that float. Gently boil the peas with the pepper, bay leaf, bacon, onion, and liquid smoke, uncovered, until tender but not mushy — about 1 1/2 hours — or until 2 cups of liquid remain. Stir in tomatoes.
Add the rice to the pot, cover, and simmer over low heat for about 25 (white rice) to 45 (brown rice) minutes, never lifting the lid.
Remove from the heat and allow to steam, still covered, for another 10 minutes. Remove the cover, fluff with a fork, and season with salt and pepper to taste. Serve immediately with greens, cornbread and hot sauce.