In a large skillet, cook bacon until crisp. Remove to paper towels to drain. Crumble bacon and set aside.
In reserved bacon fat, cook onions and bell peppers until limp, about 5 minutes. Add shredded cabbage and cook until limp, but not soft, about 3 to 5 minutes. Add chili powder and salt, to taste. Add tomatoes and simmer just until warmed through. Slaw should be slightly crisp. Adjust seasonings. Serve quickly with crumbled bacon.
Recipe courtesy of Paula Deen