Magazine chili

Name: Magazine chili
Cuisine: American, Latin American, TexMex
Ingredients: 2 lbs ground beef; 3 cup onion; 3 dried guajillo chile peppers; 2 dried ancho chile peppers; 1½ cups chopped red and/ or green bell peppers fresh serrano peppers, finely chopped (tip, p. 44); 8 cloves garlic, minced; 2 Tbsp. chili powder; 2 tsp. ground cumin; 1 28-oz. can diced tomatoes, undrained cUp water; 2 tsp. lime juice or cider vinegar; ¼ tsp. salt; 6 slices bacon; 2 serrano peppers