We study a one-dimensional system of strongly correlated bosons on a dynamical lattice. To this end, we extend the standard Bose-Hubbard Hamiltonian to include extra degrees of freedom on the bonds of the lattice. We show that this minimal model exhibits phenomena reminiscent of fermion-phonon models. In particular, we discover a bosonic analog of the Peierls transition, where the translational symmetry of the underlying lattice is spontaneously broken. This provides a dynamical mechanism to obtain a topological insulator in the presence of interactions, analogous to the Su-Schrieffer-Heeger model for electrons. We characterize the phase diagram numerically, showing different types of bond order waves and topological solitons. Finally, we study the possibility of implementing the model using atomic systems.