Drain the black eyed peas and reserve the liquid into a measuring cup. Add the coconut milk to the liquid and add water to make a total of four cups liquid. Set liquid mix aside.
In a large pot or dutch oven, heat the oil at medium high, then add the onion, garlic and bell pepper and saute until the onion is soft and clear. Add the black eyed peas and thyme and continue to saute for a few more minutes.
Add the 4 cups of liquid to the pot and bring to a boil. Add the rice and salt and stir for one minute. Reduce heat to medium low, drop in the whole scotch bonnet pepper, and cover tightly.
After 30 minutes, remove from heat, remove the scotch bonnet pepper and fluff. Sprinkle with chopped green onions and serve hot.