Cut the bacon in half and cook in a medium skillet over medium-high heat until the bacon is browned and just crisp, about five minutes. Transfer to paper towels to drain. While the bacon is still warm, cut each piece in half again, making a total of 16 pieces.
Preheat the oven to 400ºF
Cut each piece of cheese in half lengthwise, then in half crosswise, making a total of 16 pieces. Cut the guava paste into 16 (1/4-inch-thick) strips, the same size as the cheese.
Unroll the dough. (If using crescent roll dough, firmly press the perforations to seal.) Press to form a 13 x 10-inch rectangle. With the long side toward you, cut the dough into 16 (3/4-inch) strips.
Stack together one piece of cheese, one guava strip, and one piece of Smithfield Hometown Original Bacon. Place stack at an angle on one strip of dough and roll up. Seal ends closed. Repeat with remaining cheese, guava, and Smithfield Hometown Original Bacon. Place 1-inch apart on an ungreased baking sheet. Bake until puffed and golden, about 10 minutes. Serve warm.