Fry up the bacon as crispy as you would like. Strain off the bacon, reserving the drippings.
Use some of the bacon drippings – about as much as you’d normally use butter or oil – to pop the popcorn. If you’re using an air-only popper, skip this step.
Toss the popped popcorn with bacon drippings, alone or combined with a bit of melted butter. Be sure that the drippings (and butter, if using) are NOT super hot, or it will ruin the popcorn.
Season the popcorn with jalapeno powder and salt, to taste. Toss well to combine.
Sprinkle popcorn liberally with shredded cheddar cheese, top with bacon.
Notes
* Jalapeno powder is just dried, pulverized jalapeno peppers. It adds a ton of flavor to popcorn, without all of the crap found in store bought popcorn seasonings!