In a small bowl, mix together the sugars, chili powder, black pepper, salt and cayenne.
Pre heat oven to 400F. Arrange strips of bacon on two baking sheets lined with foil. Cook for 10 minutes.
Remove pans from the oven and use tongs to carefully flip the slices of bacon over. Liberally sprinkle each slice of bacon with the sugar mixture and return pans to oven and continue to bake for 15-20 minutes or until bacon is very crisp and deep golden brown.
Remove bacon from pan and let drain on cooling racks. Let cool for 5 minutes and serve.