In a sauté pan over medium heat, cook the bacon until crisp. Allow it to cool down slightly, and chop into pea-size pieces.
Cut and scoop the avocado. Place in a bowl and mash with a wooden spoon.
Add the sriracha mayo, lime juice, and bacon (reserving some for garnish), and mix well.
Garnish with the reserved bacon and serve as dip for chips, french fries, or wings. This dip can also be used as sandwich spread.