In a large pot or Dutch oven over medium heat, cook the chopped bacon until crispy. Remove the bacon with a slotted spoon and set aside, leaving the drippings in the pot.
Add the ground beef and diced onion to the pot. Cook until the beef is browned and the onion is translucent, about 5-7 minutes. Drain excess fat if necessary.
Stir in all the drained beans (navy and pinto) along with the cooked bacon.
In a separate bowl, mix together the brown sugar, barbecue sauce, ketchup, Worcestershire sauce, mustard powder, garlic powder, black pepper, salt, and water. Pour this mixture over the beans and meat mixture in the pot.
Stir everything well to combine and bring to a simmer.
Reduce the heat to low, cover the pot, and let it cook for about 30 minutes, stirring occasionally to prevent sticking.
After 30 minutes, taste and adjust seasoning if necessary. If desired, you can cook uncovered for an additional 10-15 minutes to thicken the sauce slightly.
Serve warm, and enjoy your Cowboy Baked Beans!