Preheat your oven to 400°F. Line a baking sheet with aluminum foil and place a wire rack on top.
In a small bowl, mix together the brown sugar, chili powder, garlic powder, cayenne pepper, black pepper, and salt.
Wrap each shrimp with a half slice of bacon and secure it with a toothpick. Place the wrapped shrimp on the wire rack.
Brush the bacon-wrapped shrimp with olive oil and sprinkle the brown sugar mixture evenly over each piece.
Bake in the preheated oven for 15-20 minutes, or until the bacon is crispy and the shrimp are cooked through. For extra crispiness, broil for an additional 2-3 minutes at the end.
In a small bowl, whisk together the honey and lime juice. Drizzle this mixture over the shrimp before serving.
Garnish with fresh cilantro if desired.