In a large pot over medium, heat the coconut oil until shimmering. Add the onion and ¼ teaspoon each salt and pepper, then cook, stirring occasionally, until softened and light golden brown, 7 to 10 minutes. Stir in the garlic and chilies, then cook until fragrant, about 30 seconds. Add the black-eyed peas, bay leaf and 4 cups water. Bring to a simmer over medium-high, then reduce to medium and cook, uncovered and stirring occasionally, until the flavors meld, about 15 minutes.