Cut each slice of bacon into 3 pieces. Place a water chestnut slice on each cracker and wrap with bacon slice.
Place each bacon wrap on a baking sheet with cracker side down.
Bake in preheated oven 375 degrees F for approximately 20-30 minutes (will vary greatly depending on fattiness of bacon and oven). Remove when bacon is sizzling and looks somewhat crisp. Drain on paper towels.