In a small bowl, whisk light brown sugar, water, and cayenne pepper until sugar feels dissolved. Set bowl aside.
Arrange bacon in a single layer on the top piece of a broiler pan. Using a basting brush, generously coat each slice of bacon with brown sugar mixture, working from one side of the pan to the other. Once you've coated each slice of bacon, check the first piece; if it appears dry, it means the bacon absorbed the glaze and can be coated again. Repeat this step until all the brown sugar mixture has been used or bacon is coated to your liking. Note: Only one side of the bacon needs to be coated.
Bake bacon for 20 to 25 minutes or until desired crispness and browning is reached.
Transfer bacon to a serving plate. Let bacon cool completely before serving.
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