Place the bacon slices in a large skillet over medium heat and cook until crispy. Transfer to paper towels to drain, then crumble into small pieces and set aside.
In a medium mixing bowl, whisk together the almond flour, coconut flour, baking soda, sea salt, and cinnamon until well combined.
In a separate large mixing bowl, whisk the eggs, coconut milk, water, and vanilla extract until the mixture is uniform.
Slowly add the dry ingredient mixture into the wet ingredients, stirring continuously until a thick batter forms.
Fold the shredded apple and crumbled bacon bits into the batter using a spatula.
Heat coconut oil in a large non-stick skillet or griddle over medium-low heat.
Ladle approximately 1/4 cup of batter per pancake onto the skillet, using the back of the spoon to spread the batter into a 4-inch circle.
Cook for 3 to 4 minutes until the edges are set and small bubbles appear on the surface.
Carefully flip the pancakes and cook for an additional 2 to 3 minutes until the second side is golden brown and the center is cooked through.
Serve immediately, optionally garnished with extra bacon or a drizzle of Grade A maple syrup.