If using dried black-eyed peas, put them in a large pot and cover with about 4 inches of water. Soak the peas overnight, then drain the water and rinse. Drain and rinse the peas.
Heat the oil in a large pot over medium-high heat. When the oil is shimmering, add the pork. Sear until the pork is browned on all sides, 4 to 5 minutes.
Add the bacon, onion and garlic to the pot and cook, stirring, until the onion and garlic are lightly browned, about 6 to 8 minutes.
Add the salt, black pepper, cayenne and garlic powder. Cook until the entire mixture is coated with the spices, about 2 minutes.
Pour in the stock and water and drop in the bay leaves. Bring the mixture to a boil, then reduce the heat and simmer, covered, for about 30 minutes.
When the pork begins to fall apart, add the prepared peas to the pot and simmer until the peas are very soft, about 1 to 1 1/2 hours.