Remove husks and silk from corn. Rinse and dry.
Wrap each ear of corn with 2 pieces of bacon, and secure with toothpicks. Don't wrap too tightly because while the bacon cooks it will shrink and fall off corn.
Preheat smoker to 375 degrees with the lid closed. Place corn on the grill and close lid.
Allow to cook for about 45 minutes or until the bacon has cooked to your crispiness liking. Depending on the thickness of the bacon you use will vary cooking time plus or minus about 10 minutes.
Remove corn from smoker, drizzle with melted butter and dust with pepper and chili powder.