Preheat the oven to 350 degrees F.
Lay the crackers face up on a clean work surface and scoop 1/2 teaspoon Parmesan on each. Wrap each cracker with a piece of the bacon so the seam side is on the bottom and the cracker and cheese are covered as much as possible. Place the crackers seam-side down on a wire rack set over a baking sheet. Bake until the bacon is golden and crisp, about 1 hour.
Meanwhile, whisk together the jelly with 1 teaspoon water in a small bowl and microwave on high until warmed through and loose, about 30 seconds; add more water if necessary.
When the crackers are done, brush each with the jelly, sprinkle with the cayenne if using and serve immediately.
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