1. Heat 1/2 inch of water in a skillet. Add asparagus and cook 3 minutes. Drain and rinse in cool water to stop cooking.
2. Meanwhile, cook bacon in a large heavy skillet over medium heat until crisp, 8 minutes. Remove to paper towels. Discard all but 1 tbsp of the drippings.
3. Season chicken with black pepper. If using plain chicken, sprinkle with lemon pepper. Cook chicken in hot drippings over medium heat for 3 minutes. Turn over and cook 4 minutes more. Remove chicken from skillet.
4. Whisk together broth and flour. Add to skillet and bring to a simmer, stirring. Add chicken and asparagus. Cook 2 to 3 minutes over medium-low heat until chicken is cooked through (165 degrees ) and asparagus is warm. Squeeze lemon wedges over dish and sprinkle with bacon.