In a skillet on medium low, cook the bacon. When done, remove from the skillet crumble and place in a blender.
Pour 2 tablespoons of the grease into the blender, then add the garlic to the skillet and cook on medium for 30 seconds. Add to the blender along with the blender black-eyed peas, chili powder, cayenne, lime juice, and jalapeño. Pulse until ingredients are well mixed together.
Place the dip into skillet, turn on low heat and slowly fold in shredded cheese. Cook until melted, about a minute. Place in a bowl and serve immediately with tortilla chips.