Heat the chicken stock over low heat. Keep the broth warm while preparing the rest of the recipe.
Heat a heavy pan over medium heat. Add the bacon and cook until it is brown and crisp. Transfer it to a paper towel-lined plate. Set aside.
Remove excess grease from the pan, leaving 2 tablespoons. Add the onion and cook until it is soft and translucent.
Stir in arborio rice and saute for a few minutes until lightly toasted.
Start adding the stock, 2 ladles at a time. Stir the rice until the stock is absorbed. Then add another 2 ladles of stock, stirring until absorbed. Continue adding stock, letting each addition absorb into the rice before adding more stock. This process will take 15-25 minutes. The rice will have a creamy consistency and should be tender but firm.
Turn the heat off and stir in the Parmesan cheese and bacon. Season to taste with black pepper.
White wine can be used in place of some chicken broth. Use 1 cup of white wine in place of 1 cup of broth.
For added creaminess, stir in some heavy cream and/or mascarpone cheese right before serving.