Adjust oven rack to lower-middle position and preheat the oven to 350 degrees.
Fry bacon in a large ovenproof pot over medium heat on the stove until bacon is cooked through, but not crisp. Remove the bacon from the pot then set aside on a plate lined with paper towels to absorb the grease.
Add onions and peppers to the pot and sauté in bacon drippings for about 5 minutes until tender. Add the can of pork and beans and all remaining ingredients then bring to a simmer. Once the beans are bubbling, reduce the heat to low.
Chop about half of the bacon and stir the pieces into beans. Lay the remaining bacon strips across the top of the beans.
Cover the pot and transfer to the oven and bake for about 2 hours, until the sauce is very thick and bubbly.
Remove from oven and let stand to thicken slightly.
Serve and enjoy!
If you like your baked beans spicy, double up on the paprika!