Heat a cast iron skillet over medium-high direct heat. Fry the bacon until crisp, about 5 minutes. Remove from the skillet with tongs and drain on paper towels. Reserve the bacon fat in the skillet. Chop the bacon and set it aside.
Add the peaches, onions, peppers, and garlic to the bacon fat in the skillet and cook until the onions are translucent, takeing about 5 minutes. Season to taste with salt and pepper.
Sprinkle the peach mixture with the brown sugar and cook for 2 minutes, stirring frequently. Add the bourbon and continue to cook for 1 additional minute.
Add the beans, jalapeños, sauce, dry rub, mustard, and reserved bacon to the cast iron pot. Stir to blend everything together. Transfer the peach mixture to the pot and stir.
Place the cast iron pot on the grill and simmer for 1 to 1 1/2 hours, stirring occasionally. Season with additional salt, pepper, sugar, sauce, rub, or bourbon, as desired.