Preheat oven to 350ºF.
In a large skillet, cook the sliced bacon over medium heat until crispy. Remove the bacon with a slotted spoon, leaving the bacon fat in the skillet.
Season chicken with salt and pepper.
Add the butter to the bacon fat, swirling to coat the skillet.
Brown the chicken for 5 minutes on each side or until golden brown and cooked through. Do this in batches to avoid overcrowding the pan. Reserve to a plate and cover. Pour off remaining fat, leaving 2 tablespoons in the skillet.
Sauté the onion in the remaining fat for 3-4 minutes, or until translucent. Add the garlic and sauté for 1 more minute, or until fragrant. Do not let the garlic burn.
Add the chicken stock to deglaze the pan, Use a wooden spoon to scrape up any browned bits from the bottom of the skillet.
Add the coconut milk (or equivalent amount of heavy cream), cream cheese, parmesan cheese and any reserved chicken juices to the skillet. Simmer the sauce for a few minutes to allow to thicken, then add the red pepper flakes, thyme, oregano, paprika (and xanthan gum, if using.)
Season to taste with salt and pepper. Add the roasted red peppers and reserved chicken thighs. Place the skillet, uncovered, in the preheated oven for 10 minutes.
Remove skillet from oven and allow to sit for 5 minutes. Serve the chicken and sauce over cauliflower rice, zucchini noodles, or roasted spaghetti squash. Garnish with the crispy bacon and a sprinkle of parmesan cheese.
