Rinse and dry asparagus spears. Fill a medium size sauce pan 1/3 full of water and bring to a boil. Make sure the sauce pan is large enough so that the spears can lay flat and will not be crimped and caused to break. Place asparagus in boiling water for 4 to 5 minutes. Remove from water and immediately rinse in cold tap water to preserve crispness and bright green color. Drain spears and dry with a paper towel.
Sprinkle asparagus with garlic powder and onion powder. Place canola oil in large cast iron skillet. When oil is hot, add asparagus several at a time, making sure that they sit on the bottom of the pan for searing. Cook 3 minutes per side.
Meanwhile, fry bacon until crisp. Immediately, before the bacon has a chance to stiffen, wrap each asparagus spear and secure with a toothpick. Top each spear with cheese. If using cheddar, place under broiler for 1 minute. Remove toothpicks and serve hot. Often, I will sprinkle some bottled hot sauce on my asparagus. Try it. It's very tasty.