Preheat the oven to 350 degrees F.
While the Dulce De Leche Caramel is boiling, lay out the bacon on a half sheet pan and bake for approximately 15 minutes. While the bacon is cooking, on another half sheet pan, bake the peanuts for 15 minutes.
Allow the bacon to cool and chop into small pieces and set aside. Allow the peanuts to cool and then roughly chop them.
Mix the dulce de leche caramel, bacon, peanuts and salt together in a bowl. Using a small melon scooper, scoop balls of the caramel mixture and place on a sheet of wax paper or parchment paper.
Roll out a 1/8-inch-thick sheet of fondant and cover the caramel balls with the fondant. On a sheet pan lined with wax paper, spread a thin amount of melted chocolate in a circle just large enough to place the caramel balls on. Place the fondant covered caramel balls on the melted chocolate and place in the refrigerator for 15 minutes. Remove from the refrigerator. Then dip the fondant covered caramels in the melted chocolate. Return them to the refrigerator to cool. Serve.
Bring a large pot of water to a boil over high heat. Remove the label from the can of sweetened condensed milk. Place the can in a pot of boiling water and boil for 2 hours. Let the can cool completely before handling. To expedite the cooling process use an ice bath, but make sure the can has completely cooled before handling.
This recipe was created by a contestant during a cooking competition. It has not been tested for home use.