Set a large heavy pot over medium heat. Add the bacon and cook until crisp and browned and the fat has rendered, about 8 minutes. Stir in the jalapeños and cook until charred, 2 minutes. Line a plate with a paper towel and use a slotted spoon to transfer the bacon and jalapeños to the plate. Set aside.
Add the olive oil to the pot and increase the heat to high. Add the popcorn kernels and toss well to coat them in the oil. Spread the kernels evenly on the bottom of the pot, then cover the pot with the lid. When the first kernels start to pop, very slightly uncover the pot and shake the pot back and forth directly over the heat. Cook until the kernels stop popping, 2 to 3 minutes.
Remove the pot from the heat and pour the popcorn into a large bowl. Add the reserved bacon and jalapeños, the cheese and 1 teaspoon salt. Toss well to mix. Serve warm.
Photograph by Ryan Dausch