Partially fry bacon, add onions cook until onions are tender. Add flour and blend stirring constantly. Add condensed milk and evaporated milk, stirring constantly until slightly thickened. Add mushrooms and peas, stirring gently to mix. Add salt and pepper to taste.
Turn heat to very lowest heat setting, just to keep warm and let the flavors blend. About 30 minutes. Stir gently once or twice.