Heat olive oil in a large, deep frying pan on medium-high heat. Add bacon and cook until crispy.
Add mushrooms and garlic. Cook until the mushrooms have softened and most of the liquid has evaporated.
Add the onions and chilies to the pan and cook for several minutes until onions are soft. Season with salt and pepper.
Stir in the tomato paste and cook for 1-2 minutes, stirring constantly.
Add the rice and heat until translucent, about 1-2 minutes.
Reduce heat to low and add in the tomatoes.
For the next ~45 minutes, stir regularly to prevent the rice from sticking to the bottom of the pan. Continue adding stock 1/4 - 1/2 cup at a time as the liquid is absorbed. If you run out of stock, add hot water instead.
Check the rice regularly to see if it is done. Once the rice is tender, stir through the fresh parsley, oregano, and rosemary to taste. Add more salt and pepper if needed.
Serve with fresh Parmesan cheese.