Heat a large skillet over medium heat and add pancetta. Cook until crisp and golden, about 4–5 minutes.
Add the butter and shallot. Sauté until the shallot becomes tender and fragrant.
Stir in the diced pear and cook for 2–3 minutes until lightly caramelized.
Add the frozen peas directly to the skillet and stir to coat them in the pancetta fat and butter.
Season with salt, black pepper, and thyme. Continue cooking until peas are heated through, about 5 minutes.
Taste and adjust seasoning. Serve warm as a holiday side dish.