Bring a large pot of lightly salted water to a boil. Cook elbow macaroni in the boiling water, stirring occasionally, until tender yet firm to the bite, about 8 minutes. Drain.

Place bacon in a large skillet and cook over medium-high heat, turning occasionally, until nearly crispy, about 5 minutes. Add jalapenos and fry with bacon until soft and bacon is crispy, about 5 minutes. Drain some of the bacon fat, leaving 4 tablespoons of fat in the pan.

Stir chile paste into the pan and fry for 1 minute. Add salt and pepper to taste. Add flour and cook for 1 minute. Cook and stir garlic in the pan for 1 minute. Pour in milk and cook over medium heat, whisking constantly, for 5 minutes. Remove from heat and let sit for 10 minutes to cool slightly and prevent cheese from separating.

Stir Cheddar cheese and Parmesan cheese into the mixture until melted. Add drained pasta and mix together. Serve.