Thaw and drain frozen corn and lima beans well; if using fresh lima beans, blanch in boiling water 5 minutes first.
Melt butter in large skillet over medium; cook onion and bell pepper 4-5 minutes until softened.
Cook garlic 1 minute until fragrant, stirring constantly to prevent burning.
Stir in corn, lima beans, and broth; simmer.
Cook 8-10 minutes, stirring occasionally, until vegetables are tender and most liquid evaporates. Season with salt and pepper.
Remove from heat; stir in parsley and thyme just before serving.