Preheat oven to 400° F. Line rimmed baking sheet with foil.
Combine Adobo, egg, cilantro, ⅓ cup Pico de Gallo Salsa and water in large bowl. Add beef, bacon, cracker crumbs and Parmesan. Mix together until combined. Form mixture into 1” meatballs (about 1 tablespoon each), and place on baking sheet.
Bake until cooked through and juices run clear, about 20 minutes. Meanwhile, combine remaining Pico de Gallo Salsa, ketchup and guava jelly in large deep skillet or Dutch oven. Bring to a simmer over medium heat, stirring until jelly dissolves. Add meatballs and spread in single layer. Simmer uncovered for 15 minutes. Sprinkle with chopped cilantro and serve hot with sauce.
Can be made ahead and kept refrigerated, for up to 5 days in advance.