Set oven control to broil.
Spray cookie sheet with cooking spray. Place hot dogs on cookie sheet. Broil with tops 4 to 6 inches from heat 4 to 5 minutes or until hot. Set aside; keep warm.
Reduce oven temperature to 350°F. In 10-inch skillet, heat oil over medium-high heat until hot. Cook onion and bell peppers in oil 4 to 6 minutes, stirring frequently, until slightly softened and brown. Remove from skillet; keep warm.
In same skillet, cook bacon 4 to 6 minutes or until brown but still limp.
Place 1 hot dog on each tortilla; top each with one-fourth of the onion-pepper mixture. Set aside 4 jalapeño slices; divide remaining jalapeño slices among tortillas. Wrap each tortilla around filling, then wrap bacon slice around each tortilla; secure with a toothpick, and garnish with 1 jalapeño slice. Place on ungreased cookie sheet.
Bake at 350°F 5 to 8 minutes or until bacon is crispy and filling is hot.