Cook the bacon in a large skillet over medium heat, turning occasionally, until browned and crisp. Transfer to paper towels to drain, then crumble once cooled.
Heat the olive oil in the same skillet, then add the onion and bell pepper. Sauté until the onion is soft and translucent, about 5 minutes.
Stir in the cumin and oregano, then add the beans (undrained) and chipotle pepper.
When the mixture starts to bubble, reduce the heat to low and simmer, stirring occasionally, for about 10 minutes or until slightly thickened. Remove from heat and allow to cool.
Transfer about a cup of the mixture to a food processor and blend until smooth. Return the smooth mixture to the pan, season with salt and pepper, and mix well.
Transfer to a bowl or airtight container and cover. Refrigerate for at least 2 hours.
When ready to serve, stir half of the bacon into the dip and sprinkle the other half on top. If desired, mix sour cream with a squeeze of lime juice and dollop on top.