Pre-heat oven to 400°. Spray large baking sheet with non-stick cooking spray. Set aside.
Combine brown sugar, ketchup and mayonnaise in small bowl and mix well. Set aside.
Cut bacon strips into 3 equals sections (not lengthwise). Wrap each water chestnut with a piece of bacon, then repeat with a second strip of bacon on the opposite side. Secure both pieces of bacon with a toothpick and place onto baking sheet.
Place in oven and bake for 30 - 35 minutes, or until bacon is crisp; turning once.
Remove bacon-wrapped chestnuts from oven and carefully brush sauce mixture over them. Return to oven for 6 - 8 minutes until hot and bubbly.
Keyword appetizer, bacon, bbq sauce, water chestnuts