Cook bacon in large skillet until crisp; remove bacon with slotted spoon to paper toweling to drain.
Squeeze juice from orange and lemon into small bowl; reserve half an orange and half a lemon rind.
Pour off all but 3 tablespoons fat from skillet. Add onion and garlic; cook until onion is very tender, about 8 minutes. Stir in broth, chili sauce, honey, pecans, black, white and red peppers, reserved crumbled bacon, and reserved orange and lemon juice and rinds. Bring to boiling. Reduce heat to low; simmer about 15 minutes to blend flavors, stirring occasionally. Discard rinds.
Pour into food processor. Whirl until bacon and pecans are finely chopped. Return to skillet. Stir in butter. Heat through just until butter melts. Season to taste with pepper sauce. Refrigerate up to several days, or freeze for longer storage. Makes 1 quart.