Cook the bacon over medium heat in a pot until crisp. Remove the bacon and most of the grease, leaving behind about a tablespoon. Sauté the onion and jalapeño peppers for a few minutes.
Add in the chili seasoning and allow to toast for about 10 seconds, while stirring. Add in the chicken stock, chicken, most of the bacon (reserve a little for garnish) and the heavy cream.
Simmer over medium heat for 15 minutes, uncovered. Add in the shredded cheddar, mascarpone and cream cheese and stir until melted.
Serve with a healthy garnish of cheddar cheese, bacon and chopped jalapeño peppers.