Preheat oven to 400 degrees F.
Line a rimmed baking sheet with aluminum foil. Set a cooling rack inside the prepared pan and set aside.
In a shallow dish, combine the brown sugar and chili powder. Dredge the bacon slices in the brown sugar mixture and arrange the bacon on the rack. Bake in the preheated oven until crisp, about 20 minutes. Transfer to a serving plate and serve.