A recipe for bacon-wrapped water chestnuts featured on Southern Living uses bacon, water chestnuts, pineapple chunks and teriyaki sauce. Some other recipes include one from AllRecipes and Martha Stewart's bacon-wrapped water chestnuts.
To make the Southern Living recipe, press 1 water chestnut slice into a 1-inch chunk of fresh pineapple, and wrap both in half of a bacon slice. Repeat the process using one 8-ounce can of sliced water chestnuts, 12 ounces of fresh pineapple chunks and 15 halved bacon slices. Place the bacon-wrapped chestnuts on a broiler, and cook at 400 degrees Fahrenheit for 20 minutes. Brush the chestnuts with 1/4 cup of teriyaki sauce before turning the chestnuts over and baking them for another 20 minutes.
To make another recipe, use only bacon and water chestnuts, and cook them at 350 degrees Fahrenheit for 20 minutes. Make a basting sauce by whisking together 1/3 cup of packed brown sugar, 1/3 cup of mayonnaise and 1/3 cup of chili sauce. Drizzle the sauce over the chestnuts, and return them to the oven for another 10 to 15 minutes.
Martha Stewart's recipe calls for only water chestnuts and bacon without using a sauce. Cut 6 peeled water chestnuts in half, and wrap each half in half a slice of bacon. Broil the bacon-wrapped chestnuts on a baking pan for three minutes on each side.