In a large Dutch oven or other heavy pot, cook bacon over medium-high, stirring occasionally, until fat is rendered and bacon is crisp, about 8 minutes. Add onions and bell pepper and cook, stirring occasionally, until vegetables soften, about 3 minutes. Add turkey, chili powder, cumin, garlic, and oregano and cook, breaking up meat with a wooden spoon, until cooked through and lightly browned, 6 to 8 minutes. Season with salt and pepper.
Add tomatoes and juice, beans, and 2 cups water. Bring to a boil. Reduce to a rapid simmer, partially cover, and cook, stirring occasionally, until sauce thickens, 20 minutes. (To store, refrigerate cooled chili in an airtight container, up to 3 days.) Serve topped with cilantro.
If you like, whip up a pot of this on the weekend and enjoy it during the week. Leftovers make a great filling for burritos or a topping for nachos.
Best chili EVER!!!