Add diced pancetta (or bacon) to large flat-bottomed pan, and place cold pan over burner turned to medium heat. Fry for 10-12 minutes, or until beginning to crisp and brown. Remove to paper towel-lined plate.
Add diced onion to same pan with pancetta fat. Sauté 2 minutes, or until beginning to soften. Add garlic and arborio rice with a pinch of salt. Sauté an additional 2 minutes, stirring frequently, until edges of rice appear translucent.
Add white wine. Stir often until liquid is absorbed. Add chicken stock in 1/2 to 1 cup increments, stirring after each addition until all liquid has been absorbed. Begin tasting the rice after adding 3 cups of chicken stock, or after about 12 minutes. Stop adding stock when the rice has achieved a creamy, but still chewy and al dente consistency.
Stir in peas, pancetta, and parmesan cheese. Taste risotto again, and season to taste with salt and pepper. Serve immediately, and enjoy!