Rinse the yellow split peas under cold water and set aside. Dice the onion, carrots, and celery, and mince the garlic.
In a large pot, heat the olive oil over medium heat. Add the diced onion, carrots, and celery, and sauté until they begin to soften, about 5 minutes. Add the minced garlic and cook for another minute.
Stir in the rinsed yellow split peas, bay leaf, thyme. Pour in the vegetable broth, bringing the mixture to a boil. * If using, add in the bacon or meat bone.
Reduce the heat to low, cover the pot, and let the soup simmer for about 1 hour, or until the split peas are tender and the soup has thickened. Stir occasionally to prevent sticking.
Remove the bay leaf, season the soup with salt and pepper to taste, and serve hot. For an extra touch, you can garnish with diced ham or crispy bacon if desired.