Preheat oven to 375°F and line a rimmed baking sheet with foil, then place a wire rack on top.
Mix brown sugar, chili powder, garlic powder, and smoked paprika in a shallow bowl.
Cut each bacon strip in half and wrap one piece around each meatball, securing with a toothpick.
Roll each bacon-wrapped meatball in the brown sugar mixture and place on the wire rack.
Bake for 25-30 minutes until bacon is crispy and sugar is caramelized.
Let cool for 2 minutes before serving — the toothpick is already in, ready to grab.