Preheat the oven to 375 °F. Place the asparagus spears on a baking sheet lined with aluminum foil and drizzle with olive oil.
In a large pot on medium heat, add 1 tablespoon olive oil and sauté the onion, about 3-4 minutes. Add the rice and stir for a minute. Pour in the wine and mix until the wine has been absorbed by the rice.
Season with freshly ground pepper and stir in the water and chicken broth.
Transfer the rice mixture to a casserole pan and place the rice in the oven. Bake the risotto until the liquid has been absorbed, for a total of 30 minutes.
Add the baking sheet of asparagus to the oven for the last 10 minutes, and bake until the asparagus has roasted.
Remove the rice from the oven and add 1 tablespoon of butter, the lemonjuice and the roasted asparagus and peas and stir gently to combine. Top with the Parmesan cheese and fresh thyme leaves.