Peel the potatoes, cut them into slices and place in a bowl of cold water. Drain the potatoes and dry with paper towels or kitchen towels.
Heat the olive oil in a pan over medium heat and fry the potatoes until golden brown about 10-12 minutes.
In a separate pan cook the bacon until crispy and reserve on a paper towel lined plate.
Remove the potatoes with a slotted spoon and drain well. Place them on a paper towel lined plate and salt and pepper them. Reserve for later.
In the same pan used to fry potatoes, lower the heat and always add onion slices. Fry until light golden brown. Remove to a paper towel lined plate and lightly salt. Reserve for later.
Fry the eggs in the pan one at a time. Be careful not to overcook, the yolk should be liquid. The Spaniards fry the eggs without turning by spooning (pushing) the olive oil over the eggs with their spatula.
To assemble the dish: Spread the potatoes on a dish, sprinkle over them the roasted red peppers, then the onions, top with fried eggs and sprinkle with bacon. Break the eggs right before eating.
Serve this dish immediately.