In a large pot, cook the bacon until crisp, stirring often to cook evenly.
Remove the bacon to a paper towel-lined plate.
Add the onions and peppers and cook until tender.
Add the ground beef and cook until browned. Drain off any excess grease.
Add all of the remaining ingredients and 3/4 of the bacon, stir to combine.
Cook for a minimum of 45 minutes. For optimal flavor, simmer all day or as long as possible.
Serve with sour cream, cheese, cilantro, and the remaining bacon. Enjoy!