Melt the butter in a saucepan over medium-high heat and fry the onion and jalapeno for a couple of minutes. Add the chorizo and saute until almost cooked, about 5 minutes. Pour onto a paper towel-lined plate to drain excess grease from the chorizo.
Pour the beans into a 13-by-9-inch baking dish. Add the mustard, barbecue sauce, ketchup and hot sauce. Add the chorizo mixture and stir it all together. Lay the bacon slices on top and bake until the beans are bubbly and the bacon is brown, about 1 hour.