Place a large nonstick skillet over medium heat. Add the bacon and cook, turning as needed, until crisp, about 8 minutes. Remove to a paper towel-lined plate, reserving a couple of tablespoons of bacon fat.
While the bacon is frying, mix together the pepper jack, cream cheese, cayenne pepper and cumin in a bowl. Spread onto one of the tortillas and set aside.
Wipe out the skillet and return it to the heat. Heat the butter and reserved bacon fat until the butter is melted, then place the prepared tortilla in the skillet, cheese-side up. Top with the chicken and jalapenos. Crumble over the bacon and top with the second tortilla. Cook until golden on both sides, 2 to 3 minutes per side. Transfer to a cutting board, slice and sprinkle over the cilantro before serving.