Preheat your oven to 375°F (190°C). Line a baking sheet with foil for easy cleanup. If desired, place an oven-safe wire rack on the baking sheet for extra crispy results.

Drain the cans of water chestnuts and pat them completely dry with paper towels. Cut the bacon slices into thirds.

Wrap each individual water chestnut with a piece of bacon. Secure the bacon by inserting a toothpick through the center.

Place the bacon-wrapped chestnuts in a single layer on the prepared baking sheet or wire rack.

In a small bowl, whisk together the packed brown sugar and soy sauce until the sugar is mostly dissolved.

Pour the sauce mixture evenly over the wrapped water chestnuts. Bake for 30-35 minutes, or until the bacon is crispy and the sauce is bubbly and caramelized. If you like your bacon extra crispy, you can broil for 1-2 minutes at the end, watching carefully.

Let them cool for a few minutes before serving, as the glaze will be very hot. Serve warm.