Cook bacon over medium-low heat in a Dutch oven 10 minutes, or until the bacon renders its fat. Increase heat to medium. Add onion, celery and carrot, and cook 5 minutes, or until tender. Add rice, and cook 1 minute, stirring constantly. Add water, salt, black pepper, cayenne and bay leaf. Add the tomatoes to the pan. Bring to a boil. Reduce the heat, cover, and simmer 40 minutes. Stir in black-eyed peas. Cover and cook 10 minutes, or until the rice is tender. Remove pan from heat, and let stand, covered, 5 minutes. Fluff with a fork. Serve with hot sauce, if desired.