Measure out all the seasonings into a bowl and set aside.
In a measuring cup add the water and cornstarch together. Stir until well combined.
Cut and seed the jalapeño. Run it through a food processor and set aside.
In a food processor, pour in the can of fire roasted tomatoes and chop to desired consistency.
In a Dutch oven, cook the chopped bacon over medium heat until cooked through. Remove and place on a paper towel lined plate.
Leaving about 1-2 TBS bacon grease, add the diced onion and chopped jalapeño. Cook until the vegetables are soft. Add garlic and cook until fragrant.
Add the meat and continue cooking. Use the spatula to break the meat apart. When the meat is mostly browned, stir in the spices (chili powder, chipotle chili powder, smoked paprika, cumin, onion powder, garlic powder, salt, and pepper), beef bouillon, Worcestershire sauce, and molasses. Cook until the meat is done. Stir in the tomato paste and stir until it’s heated through.
Add the beans, tomatoes, chilis, and cornstarch mixture. Stir to combine.
Bring the chili to a boil and cook for a minute or two stirring constantly.
Reduce the heat to a simmer for 30 minutes to an hour to allow the chili to cook down and the flavors to meld.
Serve with your favorite toppings.