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Preheat oven to 400 degrees.
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Line a baking sheet with aluminum foil.
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Lay the bacon on the baking sheet in a single layer and transfer to the oven.
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Let the bacon cook for 20 to 25 minutes, until crispy, turning the bacon over once in the middle of cooking time.
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Remove baking sheet from oven and transfer bacon to a paper towel-lined plate to cool.
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Once the bacon is cool enough to touch, chop it into bite-size pieces and set aside.
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Cut each avocado in half lengthwise.
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Remove the pit from the avocado and discard.
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Remove the avocado from the skin, and place the avocado flesh in a bowl.
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Add the cilantro, cotija cheese, serrano pepper, lime juice, salt, and pepper to the bowl. Mash with a fork until half smooth and half chunky. Fold in half of the bacon.
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Taste and add more salt and pepper if desired.
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Garnish the guacamole with the remaining bacon, and add more crumbled cotija cheese if desired.
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Serve immediately with tortilla chips. Serves 4.