Preheat oven to 400 degrees. Line a baking sheet with parchment paper. Lay the bacon on the baking sheet. Bake until done but not overly crisp, about 20 minutes. Drain on paper towels.
Toast the bread and spread 1 tablespoon of the peanut butter on each slice. Lay the bacon on top of the peanut butter on the common slide, top with the other slide of bread and serve.