Preheat the oven to 375 degrees F. use a silicon cooking sheet or spray cooking sheet with cooking spray.
Bake the bacon in a 350 degree oven for 10 minutes reserving the fat. Pour fat in a small bowl and chill in the fridge until set. Dice bacon into small pieces and reserve.
Whisk flour, baking soda, salt, baking powder and cayenne together in a medium bowl. Using a stand or handheld mixer, beat the butter, bacon fat, sugars and vanilla until light and fluffy.
Add the eggs separately, making sure you beat well between them. Pour the flour mixture slowly into wet mixture. Stir to combine. Fold in bacon, chocolate chunks and peanut butter chips.
Drop dough by spoonfuls onto cookie sheet.
Bake until done 10 to 12 minutes.