Preheat the pellet grill or smoker to about 250°F with your favorite wood pellets. *Hickory, apple, or pecan wood pellets work well for this recipe.
Cook ground beef in a large skillet over medium heat until cooked through. Then, drain the excess fat and transfer cooked ground beef to a large mixing bowl.
Cook half of the bacon slices in the skillet, just until the fat is rendered. You don't need to cook the bacon to crispy at this point, because it will be mixed in with the wet ingredients. Transfer the cooked bacon to a paper towel-lined plate, keeping the bacon grease in the skillet. Then rough chop the bacon slices and add to the mixing bowl with the beef.
Add the diced bell peppers, onion, and jalapeño to the skillet with the reserved bacon grease. Sauté the vegetables in the bacon grease until about 75% cooked through. Then, add to the large mixing bowl with the beef and bacon.
Add the remaining ingredients to the bowl, including the canned beans, ketchup, mustard, brown sugar, Worcestershire sauce, apple cider vinegar, and barbecue seasoning. Stir to combine.
Transfer the baked beans mixture to a large cast iron skillet or disposable aluminum pan.
Lay the remaining half of the bacon slices flat on top of the beans.
Set the pan of beans on the grill grates, close the grill lid, and cook the beans uncovered for about 3 hours, or until the bacon on top is cooked through and the beans are thickened. *Cooking time will vary based on the temperature of your grill and how thick you like your barbecue beans.
When the smoked baked beans are cooked to your liking, carefully remove from the grill and allow to cool for about 20 minutes before serving.