Combine flour, salt, and pepper in a shallow dish.
In a Dutch oven cook half the bacon on medium high heat until crisp. Remove and set aside.
Dust half the beef in the seasoned flour and add to the Dutch oven with the bacon drippings. Brown the meat on all sides. Remove from pot and keep warm. Repeat the procedure with the remaining bacon and beef. Remove all from pot and keep warm.
Add chopped onions, sliced carrots and garlic to pan and sauté for 5 minutes. Stir in the wine and broth
Scrape pan to loosen the browned bits. Add bacon and beef mushrooms, tomato paste, thyme, bay leaves and pearl onions.
Bring to a boil. Cover, reduce heat, and simmer for 45 minutes. Uncover and cook 1 hour or until beef is tender.
Discard bay leaves. Serve beef bourguignon over noodles.