Pre-heat oven to 450 degrees.
In a small bowl, combine sliced jalapeño peppers, olive oil, garlic powder, salt, and pepper. Toss to coat jalapeños.
Lay jalapeño pepper rounds on a foil-covered baking sheet and bake for about 15 minutes, until peppers are crispy. Let cool for a bit before putting peppers on a cutting board and chopping.
Put canola oil and popcorn kernels in a large pot over medium-high. When the first kernel pops, cover the pot and start vigorously shaking the pot back and forth, keeping it on heat. Once popping slows, take pot off the heat and remove cover.
Put popped popcorn in a large bowl. Add chopped jalapeños, crumbled bacon, and shredded cheddar cheese and toss together. Taste and add additional salt as desired.