Preheat the oven to 450 degrees F. Line 2 rimmed baking sheets with parchment paper.
Arrange the pancetta in single layers on the prepared baking sheets. Bake until crisp, 16 to 18 minutes. Remove the pancetta from the oven and heat the broiler.
In a small bowl, mix together the honey, mustard and cayenne pepper until smooth. Brush the pancetta with the honey mixture, then broil until browned, 2 to 4 minutes.