Add the oil to a large saucepan over low to medium heat and heat it up for 1 to 2 minutes. Next, add in the pancetta and cook it until it becomes crispy and browned.
Remove the pancetta and set it to the side. In the pan with the hot oil, add in the onions and cook while frequently stirring until browned. This will take about 8 to 10 minutes.
Next, add in the peppers and sauté for 1 to 2 minutes. Add the pancetta back to the pan and stir to combine. Turn the heat to low and deglaze with the vodka.
Pour in the tomatoes and cook for 8 to 10 minutes to reduce the amount of liquid. Turn the heat off. Drop the penne pasta into a large pot of boiling salted water and cook until al dente.