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Heat the olive oil in a small non-stick frying pan, add the onion and potatoes and fry for 8 minutes, turning the veg frequently until tender but not browned. Add the bacon and fry for a further 2-3 minutes. Meanwhile, beat the eggs in a large bowl with plenty of salt and pepper. Stir in the cheese.
Remove the potato mixture with a slotted spoon and stir into the eggs. Reserve most of the excess oil, leaving a little in the pan. Pour in the egg mixture and leave to cook undisturbed over a gentle heat for 8 minutes until firmly set underneath but not set on top.
Invert the tortilla on to a plate and return the pan to the heat with a bit more of the reserved oil. Slide the tortilla back into the pan, uncooked side down, and cook for 5 minutes until set all through. Pack for a picnic or serve in wedges with salad and bread for an easy supper.