Cut the conch into 1/2 inch pieces and place in a bowl. Add the lime juice and tomato sauce and mix well; set aside to marinate.
Meanwhile, in a large stew pot, cook the bacon until browned. Pour off the fat. Add the olive oil, onion, celery, garlic, green pepper, and chile pepper. cook over medium-low heat until very lightly browned. Add the tomatoes and cook for 1 minute. Add the rum, potatoes, conch mixture, bay leaf, and thyme. Bring to a boil, then simmer for about 1 hour. Potatoes should be tender.
Discard bay leaf. Stir in the Tabasco sauce, and season with salt and pepper to taste. To serve, sprinkle with fresh cilantro.