Wash and sort peas. Place peas in a stock pot or large saucepan, and add water. Simmer for two minutes. Remove from heat, cover, and let stand for one hour.
Add ham bone, bay leaf, thyme, and vegetables to the pot. Cover and simmer for 2½ to 3 hours.
Remove and rinse ham bone. Dice or shred the meat, and discard the bone. Return meat to soup. Add salt and pepper to taste.