Preheat the oven to 350 degrees F. Line 2 baking sheets with parchment paper. Combine the flour, baking soda, baking powder, cinnamon, chile powder and salt in a large bowl.
Cook the bacon in a large skillet over medium heat until crisp, about 4 to 6 minutes per side. Transfer to a paper towel-lined plate; reserve 2 tablespoons of the drippings and set aside to cool. Crumble the bacon, discarding any chewy bits.
Beat the butter and reserved bacon drippings in a large bowl with a mixer on medium-high speed until smooth, about 1 minute. Beat in the peanut butter until combined, about 1 minute. Beat in the granulated and light brown sugar until creamy, about 4 minutes, then add the egg and vanilla and beat until light and fluffy, about 2 more minutes.
Reduce the mixer speed to low; add the flour mixture in 2 additions, scraping down the bowl as needed, until just combined. Stir in the peanuts and all but 2 tablespoons each of the chocolate chips and bacon.
Form the dough into 12 balls and arrange 2 inches apart on the prepared baking sheets. Flatten with your fingers (the cookies will not spread in the oven); press the reserved bacon and chocolate chips on top. Bake until golden, 12 to 14 minutes. Let the cookies cool 2 minutes on the baking sheets, then transfer to a rack to cool completely. Store in an airtight container for up to 3 days.
Photograph by Lisa Shin
Recipe courtesy Food Network Magazine