Put lard and salt in a medium pot and melt over medium-low heat. Add thyme, bay leaf, orange peel, and garlic.
Simmer lard with seasonings, uncovered and stirring occasionally (salt will not completely dissolve), 10 minutes. Remove from heat and let sit, covered, 1/2 hour. Strain.
Keeps, chilled airtight, up to 1 month.
*Find at the deli counter of Mexican grocery stores. You can also use fresh lard from a regular butcher; it won't be quite as porky, but it will work well too.