Heat olive oil in a soup pan or Dutch oven over medium-high heat. Add the onions and carrots and sauté until the onions are translucent, about 5-6 minutes. Add the garlic and cook for 30 seconds. Rinse and drain the split peas and add to the pot along with the seasoning packet and 7 cups of water. Bring to a boil, reduce heat, cover pan and simmer for 45 minutes. Add hot sauce, lemon juice, and some salt and pepper to taste if needed. Cook for 10 more minutes.
While the soup is cooking, cut the bacon into small, ¼ inch pieces. Put into a cold frying pan; turn on the heat to medium and cook, stirring often until the bacon is very browned and crispy. Transfer to a plate lined with paper towels and drain well.
Serve soup garnished with bacon bits and green onion slices.